Financial Results for Fiscal Period Ended December 31, 2023 (Infrastructure Fund)
Infrastructure Fund Issuer

Canadian Solar Infrastructure Fund, Inc.

S e c u r i t i e s C o d e
R e p r e s e n t a t i v e9284(Title)Asset Management Company

Canadian Solar Asset Management K.K.
CEO and Representative(Title)(Name)
Director
Financial Planning
Department(Title)(Name)
CFO and DirectorTel.
03(6279)0311

R e p r e s e n t a t i v e
C

o

n

t

a

c

t

Scheduled filing date of securities
reportSupplementary materials forfinancial results
Financial results briefing session

URL(Name)

Executive Director

February 15, 2024
L i s t e d S t o c k Tokyo StockE x c h a n g e Exchange
https://www.canadiansolarinfra.com/
Hiroshi Yanagisawa

Hiroshi Yanagisawa
Keiichi Yoshida

Scheduled date ofcommencement of cash
distribution payment

March 28, 2024

March 15, 2024YES
YES (For institutional investors and analysts)(Amounts are rounded down to million yen)
1. Status of Management and Assets for Fiscal Period Ended December 31, 2023 (from July 1, 2023 to December 31, 2023)(1) Management Status(Percentage figures are the rate of period-on-period change)
Operating revenues
Operating income
Ordinary income
Net income
Million yen%
Million yen%
Million yen%
Million yen%
Fiscal period ended
4,537
31.4
1,846
59.7
1,386
38.1
1,385
38.1
Dec. 2023
Fiscal period ended
3,452
(7.0)
1,156
(16.4)
1,003(17.3)
1,003(17.3)
Jun. 2023

yen

%

%

Ordinary profit tooperating revenue ratio
%

3,111

3.2

1.6

30.6

2,594

2.5

1.3

29.1

Profit per unit
Fiscal period ended
Dec. 2023
Fiscal period ended
Jun. 2023

Rate of return on equity

Ordinary profit
to total assets ratio(2) Status of Cash Distributions
Distributions per
Total
Total distributions
Distributions per
unit
Total
distributions(excluding
Distributions inunit (including(excluding
distributions in(including
distributions inexcess of
distributions in
distributions inexcess of
distributions inexcess of
earnings per unit
excess ofexcess of
earnings
excess of
earnings)
earnings)
earnings)
earnings)
Yen
Million yen
Yen
Million yen
Yen
Million yen
Fiscal period
ended Dec. 2023
Fiscal period
ended Jun. 2023

Payout ratio

Ratio ofdistributions to
net assets

%

%

3,067

1,385

683

308

3,750

1,694

100.0

3.0

2,595

1,003

1,155

446

3,750

1,449

100.0

2.5

(Note 1) The payout ratio is calculated according to the following formula.
Payout ratio = distributions per unit (excluding distributions in excess of earnings) / profit per unit x 100(Note 2) The payout ratio and the ratio of distributions to net assets are calculated based on the numerical data excluding
distributions in excess of earnings.
(Note 3) Total distributions in excess of earnings for the fiscal period ended June 30 are all refunds of investments that constitutedistributions on the decrease of capital contribution under the tax law.
(Note 4) The 683 yen in distribution in excess of earnings per unit for the fiscal period ended December 2023 comprises 4 yen inreserve for temporary difference adjustments and 679 yen in the other part of distribution in excess of earnings. The total
distribution in excess of earnings for the fiscal period ended December 2023 comprises 1 million yen in reserve fortemporary difference adjustments and 306 million yen in refund of investment which falls under the category of areduction in unitholders’ paid-in capital under tax laws.
(Note 5) The ratio of the decrease in net assets upon distributions in excess of earnings (refunds of investments that constitutedistributions on decrease of capital contribution under the tax law) is 0.010 for the fiscal period ended June 30, 2023 and- 1 -0.007 for the fiscal period ended December 31, 2023. In this regard, the ratio of the decrease in net assets is calculated
according to Item 4, Paragraph 1, Article 23 of the Ordinance for Enforcement of the Corporation Tax Act.
(3) Financial Position
Total assets
Million yen

Net assets
Million yen

95,01776,365

Fiscal period ended
Dec. 2023
Fiscal period ended
Jun. 2023

Equity ratio

Net assets per unit%

yen

46,65749.1

103,280

39,39951.6

101,898(4) Status of Cash Flows

Million yen

Million yen

Million yen

Cash and cash equivalents
at the end of the fiscal
periodMillion yen

1,307(17,440)

17,054

5,911

2,339

(26)

(2,594)

4,989

Cash flows fromoperating activities
Fiscal period ended
Dec. 2023
Fiscal period ended
Jun. 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

2. Forecasts of Management Status for Fiscal Period Ending June 30, 2024 (from January 1, 2024 to June 30, 2024), Fiscal PeriodEnding December 31, 2024 (from July 1, 2024 to December 31, 2024) and Fiscal Period Ending June 30, 2025 (from January 1,
2025 to June 30, 2025)(Percentage figures are the rate of period-on-period change)
Operating revenues Operating income

Fiscal period
ending Jun.
2024
Fiscal period
ending Dec.
2024
Fiscal period
ending Jun.
2025

Ordinary income

Distributions perunit (excluding
distributions inexcess of
earnings)

Net income

Distributions inexcess of earnings
per unit

Distributions perunit (including
distributions inexcess of
earnings)

Millionyen%

Millionyen%

Millionyen%

Million
yen

%

yen

yen

yen

4,500

(0.8)

1,671

(9.5)

1,404

1.3

1,403

1.3

3,107

668

3,775

4,459

(0.9)

1,629

(2.5)

1,365

(2.8)

1,364

(2.8)

3,020

755

3,775

4,445

(0.3)

1,641

0.8

1,387

1.6

1,386

1.6

3,070

705

3,775

(Reference)
Fiscal period ending June30, 2024 (182 days): Forecast total number of investment units issued and outstanding at end of theperiod: 451,756 units, Forecast profit per unit: 3,107 yen
Fiscal period ending December 31, 2024 (184 days): Forecast total number of investment units issued and outstanding at endof the period: 451,756 units, Forecast profit per unit: 3,020 yen
Fiscal period ending June 30, 2025 (181 days): Forecast total number of investment units issued and outstanding at end of theperiod: 451,756 units, Forecast profit per unit: 3,070 yen* Other(1) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement(i) Changes in accounting policies associated with amendments to accounting standards, etc.: No(ii) Changes in accounting policies other than (i):No
(iii) Changes in accounting estimates:No(iv) Retrospective restatement
No(2) Total number of investment units issued and outstanding(i) Total number of investment units issued and outstanding(including treasury units) at end of period

Fiscal period
Fiscal period
451,756
386,656
Dec. 2023
Jun. 2023
Fiscal period
Fiscal period(ii) Number of treasury units at end of period00Dec. 2023
Jun. 2023(Note) For the number of investment units based on which profit per unit is calculated, please refer to “Notes on regarding
per unit information” on page 30 below.

* Financial Results is out of scope from the audit by chartered accountant or corporate auditor.

- 2 -

*

Explanation of Appropriate Use of Forecast of Management Status and Other Matters of Special Note
Forecast of management status and other forward-looking statements contained in this document are based on information that iscurrently available and certain assumptions that are deemed reasonable by Canadian Solar Infrastructure Fund. Accordingly, theactual management status, etc. may differ materially due to various factors. In addition, the forecast is not a guarantee of theamount of cash distributions. For details of the assumptions underlying the forecast of management status, please refer to“Assumptions Underlying Forecast of Management Status for Fiscal Period Ending Fiscal Period Ending June 30, 2024 (January 1,
2024 to June 30, 2024), Fiscal Period Ending December 31, 2024 (July 1, 2024 to December 31, 2024) and Fiscal Period Ending
June 30, 2025 (January 1, 2025 to June 30, 2025),” described on or after page 11 below.

- 3 -1. Management Policy and Management Status(1) Management Status
I. Overview of the Fiscal Period under Review
a. Brief History of Canadian Solar Infrastructure Fund
Canadian Solar Infrastructure Fund, Inc. (hereinafter referred to as “CSIF”) was established on May 18, 2017 with money
invested of 150 million yen (1,500 units) by Canadian Solar Asset Management K.K. (hereafter referred to as the “AssetManager”) as the founder under the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951 including
subsequent amendments; hereinafter referred to as the “Investment Trusts Act”). Registration with the Kanto Local Finance
Bureau was completed on June 9, 2017 (registration number 127, filed with the Director of the Kanto Local Finance Bureau).
CSIF issued additional investment units (177,800 units) through a public offering on October 27, 2017, listed its investment
units on Tokyo Stock Exchange Inc.’s (hereinafter referred to as the “Tokyo Stock Exchange”) Infrastructure Fund Market on
October 30, 2017 (security code: 9284), and issued new investment units (2,890 units) through third-party allotment on
November 28, 2017.
In addition, CSIF issued new investment units (46,667 units) through public offering on September 5, 2018 and issued newinvestment units (2,333 units) through third-party allotment on October 4, 2018.
CSIF then issued new investment units (151,500 units) through public offering on March 5, 2021 and issued new investment
units (3,966 units) through third-party allotment on April 7, 2021.
CSIF then issued new investment units (62,000 units) through public offering on July 18, 2023 and issued new investment
units (3,100 units) through a third-party allotment on August 10, 2023.
As a result of the above, the total units issued at the end of the fiscal period under review (as of December 31, 2023) were451,756 units.
b. Investment Environment and management performance for the fiscal period under review
Regarding the Japanese economy during the fiscal period under review, although the second preliminary estimate of the real
GDP growth rate for July-September 2023 was downgraded from the 2.1% contraction on an annualized basis recorded in the
preliminary estimate to a 2.9% contraction, the economy remains on a gradual recovery path and this was a change in pacelargely attributable to the negative contribution of inventory investment and does not indicate an economic downturn; however,
the economic data was weak, with both consumer spending and capital expenditure that drive domestic demand falling for two
consecutive quarters, serving as a reminder that the economic recovery lacks dynamism. On the other hand, the trend towards
economic recovery was maintained, and it is considered likely that real GDP growth will return to positive territory in OctoberDecember 2023 and beyond. Factors behind this return to positive growth include continued improvement in the employment
situation and continued nominal pay growth, and strong appetite for capital expenditure in the corporate sector, in addition toreceding downside risks from overseas economies. Mitsubishi UFJ Research & Consulting Co., Ltd. forecasts gradualeconomic recovery in the second half of fiscal 2023 and real GDP growth of 1.5% YoY for fiscal 2023. The economy isexpected to continue gradually recovering in fiscal 2024 with real GDP growth of 1.0% year on year, extending the years ofconsecutive growth to four. However, there is a risk that the growth pace could slow, given that it is assumed the government
will terminate its anti-inflation measures in April 2024, raising concern over the impact of commodity price movements
alongside rises in labor and distribution costs as the effects of the measures effects fade, and and given also that other negative
factors stemming from a slowdown in overseas economies and labor shortages could also come into play.
The Russian invasion of Ukraine triggered a global price surge in energy resources in 2022. In addition, the yen depreciatedsharply, severely impacting the Japanese economy. Although constraints on energy supply have been continuing, mainly
because of the prolonged invasion, crude oil prices have been weak recently and, in October 2023, OPEC+ oil producers
postponed further output cuts, and agreement on additional coordinated output cuts in talks on the group’s crude oil output
policy in November 2023 was also postponed. The U.S. dollar-yen exchange rate market has also regained its calm after the US
dollar peaked against the yen.
At the financial policy decision meeting on January 22-23, 2024, the Bank of Japan decided to maintain its current monetaryeasing policy, and to maintain monetary easing measures such as negative interest rates and yield curve control (YCC). The
Outlook Report released at the same time lowered the core CPI outlook for fiscal 2024 from 2.8% to 2.4% but indicated that theprospects of achieving its 2% inflation target towards the second half of fiscal 2025 seem to be gradually rising.
Meanwhile, during the fiscal period under review, conditions in the market for listed infrastructure funds were such thatinvestment corporations maintained relatively stable operations even in the economic environment described above. The TSE
Infrastructure Fund Index remained stable in the second half of 2023, as in the first half, even as other indexes such as the
Nikkei Stock Average and TOPIX hit a volatile patch from July during the same period. However, from late November, theTSE Infrastructure Fund Index entered a downward phase, partly due to a sharp increase in trading volume due to sales on thepart of certain large investors. There had been a sustained period of calm after the index hit its highest level during the period at
1,163.04 on September 22; however, it began falling from the end of November, reaching a low of 1,057.94 on December 26,
and ended the fiscal period at 1,077.32 on December 29.
“Output curtailment,” which is implemented by an electricity transmission and distribution business operator (Note 1) to- 4 -adjust the supply-demand balance, was implemented with respect to “renewable energy power generation facilities” (Note 2)
held by CSIF, for zero days in July, two days in August, six days in September, 24 days in October, 15 days in November, andthree days in December, making a total of 50 days during the period under review. The number of days of output curtailment
and output curtailment frequency were much higher than in the same period of the previous year. However, most of the output
curtailment was implemented with respect to CS Kama-shi Power Plant and CS Miyako-machi Saigawa Power Plant in the
Kyushu Electric Power jurisdiction that are under the rule of unlimited output curtailment without compensation (Note 3), andthe impact on the portfolio as a whole was limited. A possible factor behind this result is that, at other renewable energy power
generation facilities owned by CSIF in the Kyushu Electric Power jurisdiction, all of which operate under the 30 day rule, thenumber of days of output curtailment as of the end of June 2023 was already close to 30. In addition, the effect of transition tothe online output curtailment framework in the Kyushu Electric Power jurisdiction also helped suppress projected amounts ofloss in variable rents (Note 4). In this regard, although output curtailment exceeding the effect of transition occurred in theprevious fiscal period, such a situation was not reached in the fiscal period under review as the frequency of output curtailment
itself was lower than in the previous fiscal period.Areas for output curtailment in renewable energy sources have been steadily
expanding, and output curtailment has been implemented in all areas excluding the jurisdiction of Tokyo Electric Power withthe commencement of output curtailment in Kansai Electric Power in June 2023. The number of days of output curtailment
implemented at renewable energy power generation facilities owned by CSIF outside the Kyushu Electric Power jurisdiction
during the period from January to June 2023 was three days in the Chugoku Electric Power jurisdiction; however, during the
fiscal period under review, output curtailment frequency across the country has also increased in the jurisdictions of Chugoku
Electric Power, Tohoku Electric Power and Chubu Electric Power and we consider it necessary to continuously monitor
relevant developments in the future. However, we consider that the effect of output curtailment on our revenue for the current
fiscal period (until March 31, 2024) will be limited, because most of the power plants held by CSIF in the Kyushu ElectricPower jurisdiction are under the old rule (30-day rule) and because the number of days when output curtailment was
implemented in the said jurisdiction as of the end of June 2023 was close to 30 days.
The 6th Strategic Energy Plan approved by the Cabinet in October 2021 had two key themes: to indicate the direction ofenergy policies for the achievement of carbon neutrality by 2050 (declared in October 2020), the new target of a 46% reduction
in greenhouse gas emissions by fiscal year 2030 and a further reduction of as high as 50% (declared in April 2021) (Note 5);
and to overcome issues in Japan’s energy supply-and-demand structure (Note 5). Furthermore, in connection with the second
theme, it states that, on the premise that safety be guaranteed first and foremost, Japan will strive to ensure a stable energy
supply and reduced costs (S+3E) while pursuing measures to respond to climate change (Note 5).
The ambitious new power-source composition for 2030 would be 36-38% for renewable energy (up from 22-24% in theprevious projected mix), approximately 1% for hydrogen and ammonia (up from nearly 0%), 20-22% for nuclear power(unchanged), around 20% for LNG (down from 27%), around 19% for coal (down from 26%) and approximately 2% for oil(down from 3%). The renewable energy mix would be around 14-16% for solar power, around 5% for wind power,
approximately 1% for geothermal power, nearly 11% for hydroelectric power and around 5% for biomass (Note 5).
In April 2022, the 2020 revision of the Act on Special Measures Concerning Promotion of Utilization of Electricity from
Renewable Energy Sources came into force to introduce a system for reserving funds for the future discarding and otherdisposal of solar power generation facilities (Note 6). First, this system is applicable for all solar power generation projects withan output of 10 kW or more approved for a feed-in tariff (FIT) or feed-in premium (FIP) scheme, including projects withmultiple solar power generation facilities. Second, this system obliges the approved operators to, in principle, externally reserve
funds for disposal at the Organization for Cross-regional Coordination of Transmission Operators, Japan through direct
withholding of the required amounts from revenue. However, in exceptional cases, internal reserve will be permitted provided
certain requirements are satisfied, and listed infrastructure funds will also be permitted to opt for internal reserve uponsatisfying certain conditions such as recording funds in their financial statements in an appropriate manner.
After an extended review, policies for introducing generation-side charges were established, and a detailed policy design was
published in April 2023 in the Interim Report on the Introduction of Generation-side Charges compiled by the Specialized
Meeting for Policy Design of Electricity and Gas Market Surveillance Commission. The said report stated that, while all powersources that are connected to the grid and supply electricity at the same time are basically billable, the subcommittee for thelarge-scale introduction of renewable energy and next generation electricity network confirmed that points were summarized asfollows: (1) FIT- and FIP-approved power sources will be subject to generation-side charges after the end of their FIT or FIP
term; (2) Consideration will be given when purchase prices, etc. are calculated for newly approved FIT- or FIP- sources; (3)Operators of non-FIT sources and those which have ceased to be under the FIT scheme will be encouraged to take somecreative measures (bilateral contracts, etc.) and to smoothly incorporate generation-side charges into selling prices; and (4) For
pumped storage power generation and storage batteries, charges based on kilowatts alone be levied and those based on
kilowatt-hours be exempted, given that financial burdens would be heavier than those on other power sources.
Under these conditions, CSIF acquired five new facilities on July 19, 2023 and one new facility on December 1, 2023 during
the fiscal period under review. Its portfolio consisted of 31 facilities (with a total panel output (Note 7) of 226.4 MW, a totalacquisition price (Note 8) of ¥97,010 million, and a total price (Note 9) of ¥88,750 million as of the end of the fiscal period
under review. CSIF continued to build its portfolio, aiming for the new mid-term objective of ¥200,000 million set in 2023.
(Note 1) For the purposes of this report, the term “electricity transmission and distribution business operator” collectively refers to a general electricity
transmission and distribution business operator (refers to a “general electricity transmission and distribution business operator” defined in
Article 2, Paragraph 1, Item 9 of the Electricity Business Act (Act No. 170 of 1964; including subsequent amendments; hereinafter referred toas the “Electricity Business Act”) and specified electricity transmission and distribution business operator (refers to “specified electricity- 5 -transmission and distribution business operator” defined in Article 2, Paragraph 1, Item 13 of the Electricity Business Act).
(Note 2) For the purposes of this report, the term “renewable energy power generation facilities” refers to renewable energy power generation facilities(excluding facilities falling under the category of real estate) defined in Article 2, Paragraph 2 of the Act on Special Measures Concerning
Promotion of Utilization of Electricity from Renewable Energy Sources (Act No. 108 of 2011, including subsequent amendments; hereinafterreferred to as the “Renewable Energy Special Measures Act.” The Renewable Energy Special Measures Act before amendment based on the
Act for Partial Amendment of the Act on Special Measures Concerning Procurement of Electricity from Renewable Energy Sources byElectricity Utilities (Act No. 59 of 2016) is referred to as the “2016 Renewable Energy Special Measures Act” and the Renewable Energy
Special Measures Act after amendment based on the Act to Partially Amend the Electricity Business Act and Other Acts in Order to Establisha Resilient and Sustainable Electricity Supply System (Act No. 49 of 2020) is referred to as the “2020 Renewable Energy Special Measures
Act.”) For the purposes of this report, “renewable energy generation facilities, etc.” refers collectively to renewable energy generation
facilities, and real estate, real estate leases (includes subleases) and land lease rights (hereinafter referred to as the “site, etc.”) necessary to
install maintain and operate renewable, energy generation facilities. Hereinafter, any mention of “renewable energy power generation
facilities” or “renewable energy power generation facilities, etc.” which CSIF is said to have invested in or acquired or operate shall also
cover “renewable energy power generation facilities” and “renewable energy power generation facilities, etc.” that support CSIF’s assets
under management. The same shall apply hereunder. Renewable energy may also hereinafter sometimes be referred to as “renewables.”(Note 3) Even when a grid-connected business operator has implemented the preventive measures defined in the Ordinance for Enforcement of the
Act on Special Measures Concerning the Promotion of the Use of Renewable Energy Electricity (METI Ordinance No. 46 of 2012, including
subsequent amendments), if the amount of electricity supplied by grid-connected business operators is expected to exceed demand, output
curtailment without compensation under the connection agreement may be required. The rule setting the maximum number of days of suchoutput curtailment at 30 days a year (360 hours a year in some cases) is referred to as the “30-day rule” (the rule when the maximum duration
is 360 hours a year is referred to as the “360-hour rule”) and the 30-day rule and the 360-hour rule are referred to collectively as the “oldrule.” The rule under which there is no maximum duration such as the above and unlimited output curtailment without compensation could be
required is referred to as the “rule of unlimited output curtailment without compensation.” The same applies hereinafter.
(Note 4) Projected amount of loss in variable rent means total performance co-varying rent lost in the day when output curtailment is implemented at
individual power plants in CSIF’s portfolio subject to output curtailment. Projected amount of loss in variable rent in the day when each
output curtailment is implemented at individual power plants in CSIF’s portfolio is calculated using the following formula:
Projected amount of loss in variable rent = Forecast Power Generation (P50) at the said power plants in CSIF’s portfolio in the month that
includes the said day / number of days in the said month × 30% × purchase priceFor a definition of “energy output value projected by professional specialists (P50)” in the context of this report, please refer to “Assumptions
Underlying Forecast of Management Status for, Fiscal Period Ending June 30, 2024 (January 1, 2024 to June 30, 2024), Fiscal Period Ending
December 31, 2024 (July 1, 2024 to December 31, 2024) and Fiscal Period Ending June 30, 2025 (January 1, 2025 to June 30, 2025).” Thesame applies hereinafter.
(Note 5) All the above information is based on the “Outline of the Basic Energy Plan” published by the Agency for Natural Resources and Energy in
October 2021.
(Note 6) The term “photovoltaic power generation facilities” refers to renewable energy power generation facilities that generate electricity using
sunlight as an energy source. The same shall apply hereunder. The term “photovoltaic power generation facilities” refers to photovoltaic
power generation facilities as well as their site, etc. The same shall apply hereunder.
(Note 7) “Panel output” shall mean output calculated by multiplying rated output per solar cell module (meaning the maximum output stated in
specifications of solar cell module) used in each solar energy facility by the total number of panels. “Total panel output” shall mean the total
panel output rounded off to one decimal place. The same shall apply hereunder.
(Note 8) The term “acquisition price” represents transaction price (excluding remuneration for business outsourcing concerning the acquisition ofassets and other acquisition costs, property taxes, city planning taxes, amount equivalent to consumption taxes, etc. and other commissions,etc.; the same shall apply hereunder) specified in the sales agreement for each asset held. The term “total acquisition price” is total of thetransaction prices specified in the sales agreements for all the assets held rounded down to the nearest ten million yen. The same shall apply
hereunder.
(Note 9) “Appraisal value of power plant” means (1) the median calculated by CSIF based on the appraisal values of a power plant shown in valuation
reports with the date of value opinion on December 31, 2023 from PricewaterhouseCoopers Sustainability LLC or Kroll International Inc. towhom appraisal of the power plant consisting of a photovoltaic system and land on which such system is installed was entrusted by CSIF or(2) the median of the business value of the power plant shown in valuation reports.

c. Overview of Financing
In the fiscal period under review, CSIF issued new investment units (62,000 units) through public offering on July 18, 2023
and issued new investment units (3,100 units) through third-party allotment on August 10, 2023, raising ¥7,322 million as aresult. CSIF also procured debt finance, with long-term borrowings of ¥11,600 million and short-term borrowings of ¥1,100
million., CSIF made a contractual repayment of ¥1,467 million at the end of the fiscal period under review, bringing the total
amount of interest-bearing debt as of the end of the fiscal period under review to ¥47,776 million (amount of borrowings¥42,876 million and amount of investment corporation bonds ¥4,900 million). Consequently, the ratio of interest- bearing debt
to total assets (ratio of interest-bearing debt to total assets at the end of fiscal period) was 50.3%.
As of the date of this document, CSIF received a bond rating for investment corporation bonds from the following rating
agency.

- 6 -Rating status of CSIF as of the date of this document
Rating Agency

Rating Subject
The 1st Unsecured Investment Corporation Bond
(Specified investment corporation bonds with limited
inter-bond pari passu clause and for qualified institutional

Japan Credit Rating Agency,
Ltd. (JCR)

RatingOutlook

A

－

A

－

RatingOutlookA-

PositiveA

Stableinvestors only)
The 1st Unsecured Investment Corporation Bond
(Specified investment corporation bonds with limited
inter-bond pari passu clause)(Green bonds)

CSIF received a credit rating from the following rating agency.
Rating status of CSIF as of the date of this document
Rating Agency
Rating and Investment
Information, Inc. (R&I)
Japan Credit Rating Agency,
Ltd. (JCR)

Rating Subject

Long-term Issuer Ratingd. Overview of Business Performance and Distribution
As a result of the management described above, the business results in the fiscal period under review included operating
revenue of ¥4,537 million, operating income of ¥1,846 million, ordinary income of ¥1,386 million, and net income of ¥1,385
million.
With respect to distributions, the cash distribution policy set out in Article 47, Paragraph 1 of the Articles of Incorporation of
the Investment Corporation stipulates that the amount of distributions shall exceed the amount equivalent to 90% of “profit
available for distribution” as provided for in Article 67-15 of the Act on Special Measures Concerning Taxation (Act No. 26 of1957 including subsequent amendments, hereinafter the “Special Measures Taxation Act”).
In addition, distributions in excess of earnings are calculated on the premise that such distributions will generally be made inaccordance with the cash distribution policy prescribed in CSIF’s Articles of Incorporation and the Asset Manager’s asset
management guidelines formulated as part of its internal regulations.
CSIF intends to make cash distributions to its unitholders for each fiscal period from free cash flow (hereinafter referred to as“FCF”) generated by its renewable energy power generation facilities, in amounts determined in the following manner. The
amount available for distribution shall be calculated by multiplying FCF, that is net cash flow (hereinafter referred to as “NCF”;
CSIF shall incorporate the total amount of NCF remaining after deducting distributions for the preceding fiscal periods incalculating NCF) to be vested to equity investors after deducting FCF payable to debt investors, by a certain ratio (hereinafterreferred to as “payout ratio”; the payout ratio for the 13th fiscal period is 91.6%) determined by CSIF in light of the amount of
NCF for each fiscal period.
At the same time, CSIF intends to maintain a stable level of distributions for the time being. In determining the payout ratio
described above, CSIF will consider the forecast NCF for each fiscal period to realize that level of distributions.
In addition to a cash distribution within the range of profit, CSIF intends to make distributions in excess of earnings for eachfiscal period on a continuous basis in order to realize this policy.
In developing its performance forecast (including any revisions thereof) for each fiscal period, in the case where NCF
calculated from actual energy output in a fiscal period (hereinafter referred to as “actual NCF”; CSIF shall incorporate the total
amount of NCF remaining after deducting distributions for the preceding fiscal periods in calculating actual NCF) exceeds NCF
projected for the fiscal period (hereinafter referred to as “projected NCF”; CSIF shall incorporate the total amount of NCF
remaining after deducting distributions for the preceding fiscal periods in calculating projected NCF) on the basis of an energy
output value projected by professional specialists (P50) (Note) which forms the foundation for the calculation of rents withregard to the renewable energy power generation facilities, CSIF intends to limit the cash distribution to the amount ofprojected NCF multiplied by the payout ratio for said fiscal period.
On the other hand, in the case where actual NCF is equal to or below projected NCF, CSIF intends to make a cash
distribution for the fiscal period at the amount of actual NCF multiplied by the payout ratio.
Based on the above policy, CSIF decided to make a distribution for the fiscal period under review of ¥1,694,085,000,
equivalent to 91.6% of projected NCF for the period of ¥1,850,262,805. Dividend per investment unit is ¥3,750 for the fiscal
period under review.

- 7 -II. Outlook for the Next Fiscal Perioda. Outlook for the Future Management
Considering the economic outlook in Japan during the first half of 2024, the Japanese economy weathered the COVID-19
pandemic, and economic activity has resumed. As for the global surge in prices for energy resources caused by Russia’s
invasion of Ukraine and the worldwide increase of interest rates, although the situation in overseas markets especially the U.S.
has calmed down recently, their impact on the domestic economy needs to be kept under scrutiny, as, in Japan, the zero interest
policy is expected to be lifted in the coming months. Meanwhile, on the stock market, the Nikkei Stock Average has
consistently performed strongly since the start of 2024, rising over seven consecutive trading days and crossing the 36,000 yen
mark for the first time in around 34 years (since February 1990), and, as in 2023, a rising market is expected.
With respect to the environment surrounding photovoltaic power generation facilities that are included in renewable energy
power generation facilities, the 6th Basic Energy Plan states that a crucial part of energy policies for 2030 (Note 1) is to ensure,with “S+3E” as the basic premise, that renewables become a major power source and to focus on renewables as an overriding
principle, encouraging maximum adoption whilst reducing the impact on Japanese people and seeking co-existence with local
communities (Note 1), and the 2030 energy mix also indicates an increase in the share of renewables, setting ambitious
forecasts.
However, as stated in “(I. Process of Asset Management in the Fiscal Period under Review) b. Investment Environment andManagement Performance for the Fiscal Period Under Review” above, the output curtailment that requires renewable energy
power generation operators to temporarily suspend power generation through photovoltaic power generation facilities, etc. wasresumed in areas under the jurisdiction of Kyushu Electric Power from October 2019. In addition, some output curtailments
were introduced in the Tohoku Electric Power, Chugoku Electric Power and Shikoku Electric Power jurisdictions in April 2022
and in the Hokkaido Electric Power jurisdiction in May 2022. And also the Okinawa Electric Power, in January 2023 and the
Chubu Electric Power the Hokuriku Electric Power in April 2023, the Kansai Electric Power in June 2023 have started. It wasalso announced that 10-500 kW commercial solar photovoltaic systems connected to the grid under the old rule, which werepreviously not subject to output curtailment, will also become subject to output curtailment. Furthermore, regarding the new
package of measures for the reduction of renewable energy output curtailment, which has been discussed by experts for sometime under the basic policy of scaling back output curtailment of renewable energy, at “The Sectional Meeting on Energy
Saving and New Energy under the Advisory Committee for Natural Resources and Energy; and the Subcommittee on Mass
Introduction of Renewable Energy and Next-Generation Electricity Networks” held on December 19, 2023, a draft summary ofa new package of measures for the reduction of renewable energy output curtailment was presented. This draft proposes
adoption of a framework under which use of renewable energy is prioritized through supply-side measures such as bringing
more renewable energy power generation facilities online and lowering the minimum output of new thermal power plants,
alongside the promotion of behavioral changes and renewable energy use among customers during output curtailment time slots
through demand-side measures such as creating demand through the introduction of storage batteries, renewable energy storage
batteries and electrolyzers and supporting the introduction of storage batteries and the installation of communication control
units at operator owned facilities, as well as the development of an environment for increasing the uptake and resilience of
renewable energy through power grid measures such as expanding inter regional transmission through a review of grid
operation and further augmentation of interregional grids. With the adoption of a seamless package of measures as above, going
forward measures for reducing the output control is expected to be further reinforced compared with this year.
As mentioned in b. Investment Environment and management performance for the fiscal period under review in Overview of
the Fiscal Period under Review above, the exemption of FIT- or FIP- approved power sources from generation charges during
their FIT or FIP term was decided. This means that it would no longer be necessary to take into account the negative impact,which was expected to be imposed on CSIF's management on performance in and after 2024.
(Note 1) All the above information is based on the “Outline of the Basic Energy Plan” published by the Agency for Natural Resources and Energy in
October 2021.

b. Future Management Policy(i) External Growth Strategy
The Canadian Solar Group (Note 1), which is the Sponsor belongs, adopts the vertical integration model (Note 2) that hasdeveloped mainly in the photovoltaic power generation market in Europe and America and applies this model in the global
market, including Japan. CSIF considers that mutual cooperation between the Group and CSIF (engaging in investment in andmanagement of photovoltaic power generation facilities) through the Sponsor Group (Note 4) based on the vertical integration
model for the construction of the value chain (Note 5) with the aim of creating mutual value should lead to the enhancement ofvalue for unitholders.
Specifically, CSIF intends to acquire promising solar power generation facilities developed by the Sponsor Group to increase
assets utilizing the preferential trading negotiation right granted by the Sponsor Group.
Further, CSIF will strive to diversify acquisition routes, including acquiring assets from third parties through the AssetManager’s own network, whilst at the same time putting emphasis on acquisitions from the Sponsor. Moreover, CSIF will aim
for further external growth through the use of diverse acquisition methods, including acquiring assets via the Japan GreenInfrastructure Fund, which was established by The Canadian Solar Group and invests in renewable energy power generation
facilities, etc. in Japan, and the bridge fund, in addition to direct acquisitions from sellers.
Toward CSIF’s growth in the future, the transfer of CS Azuma Kofuji Solar Power Plant, which was the sponsor’s largest- 8 -development project (100MW) in Japan and was among Japan’s largest projects, to the bridge fund was completed on May 31,
2023. The Asset Manager has preferential negotiation rights to purchase the said power plant for future acquisition by
CSIF.Meanwhile, most recently, an acquisition by the bridge fund has also been completed with respect to a power plantfacility developed by a third party, in a bid to further accelerate external growth forward.
(Note 1) The “Canadian Solar Group” refers to the consolidated corporate group with Canadian Solar Inc. (headquartered in Canada) at the top towhich the Sponsor (Canadian Solar Projects K.K.) belongs. The same shall apply hereunder.
(Note 2) The term “vertically integrated model” means a business model where a broad spectrum of business domains across the photovoltaic market,
ranging from the planning, manufacture and sales of solar modules to the provision of EPC and O&M (Note 3) services, are verticallyintegrated. The same shall apply hereunder.
(Note 3) “O&M” is an abbreviation of Operation & Maintenance. The same shall apply hereunder.
(Note 4) The “Sponsor Group” collectively refers to (i) the Sponsor (Canadian Solar Projects K.K.), (ii) special purpose companies (they may behereinafter referred to as “SPCs”), partnerships or other funds with which the Sponsor has entered into the asset management service
agreement, (iii) Canadian Solar O&M Japan K.K. (it may be hereinafter referred to as “CSOM Japan”) and (iv) special purpose companies,
partnerships or other funds in which the Sponsor or its subsidiary own a majority interest. The same shall apply hereunder.
(Note 5) The term “value chain” generally refers to a relationship between processes such that value is added cumulatively to products and services
with each process.

(ii) Internal Growth Strategy
In circumstances where domestic power consumers are increasingly required to participate in decarbonization initiatives
around the world, CSIF started a new approach in September 2022 to grant to power consumers tracking information(information regarding renewable energy power plants attached to FIT Non-Fossil Certificate (Note 1)) for CS Daisen-choPower Plant (A), CS Daisen-cho Power Plant (B) and CS Marumori-machi Power Plant. The initiative aims to satisfy power
consumers’ need to achieve RE100 (Renewable Energy 100%) and has achieved the receipt of ¥0.2/kWh in addition to CSIF’s
FIT unit price. Moreover, agreements on the specified wholesale supply of renewable energy were concluded with electricity
retailers regarding CS Hiji-machi Dai-ni Power Plant in April 2023, and CS Mashiki-machi Power Plant, CS Izu-shi Power
Plant and CS Ogawara-machi Power Plant in June 2023. As a result, CSIF was able to double the unit price to ¥0.2/kWh in
addition to CSIF’s FIT unit price.
CSIF will contract out O&M to CSOM Japan, which is part of the Canadian Solar Group and provides O&M services inJapan, in principle, for the availability of homogeneous O&M services to the extent that CSIF considers essential.By making
the most of the strong operation and management abilities realized by utilizing the global monitoring platform of the Canadian
Solar Group in the early discovery and repair of failures of power generation facilities, CSIF will aim to reduce the loss of
power generation. In addition, CSIF will implement the appropriate repair and facilities replacement of assets undermanagement to maintain and enhance the value of assets from the medium- to long-term perspective, thereby securing stablerevenue in the medium to long term.
In response to the output curtailment implemented by Kyushu Electric Power described in b. Investment Environment andManagement Performance for the Fiscal Period Under Review in in I. Overview of the Fiscal Period under Review above,
CSIF carried out the modification of individual power plants in its portfolio to support online output curtailment (which refers
to output curtailment of photovoltaic power generation facilities with a remote output controller installed, the same applies
below) as it did in the previous fiscal period. While all the CSIF-owned power plants in the area served by Kyushu ElectricPower are subject to the 30-day rule for output curtailment, the above modifications required for online output curtailment led
to a shift from the previous all-day curtailment to hourly curtailment and opened the way for controlling the decrease in lease
revenue due to a decline in energy output for reason of output curtailment. In addition, curtailment within a day is counted as
one day regardless of the duration, which allows the power plant to respond to output curtailment during peak demand forelectricity while complying with the 30-day rule. As a result of further progress shifting to the online output curtailment
arrangement, all photovoltaic power plants in Kyushu have shifted to online output curtailment. As a result, CSIF succeeded in
reducing lost lease revenue due to curtailment compared with the same period of the previous year and this boosted operating
revenue. In addition, CSIF is currently gradually installing online output curtailment equipment at power plants outside the
Kyushu region.
As part of its activities related to the Principles for Responsible Investment (UN PRI), the Asset Manager signed the UN PRI
on August 13, 2019, and established the Approach to the Principles for Responsible Investment at the end of December 2020 as
the basic ESG policy of the Asset Manager. Further, recognizing that climate change is an important environmental issue withpotential risks and opportunities when conducting business focused on the environmental pillar of ESG, we disclosed
information about initiatives to address climate change in line with the TCFD recommendations on February 14, 2022. On
March 1, 2022, the Asset Manager established the Sustainability Committee, which will be required to report to CSIF’s Boardof Directors at least twice a year going forward. Meanwhile, CSIF established a green finance framework (hereinafter referred
to as the “Green Finance Framework”) for the financing of activities that will provide environmental benefits, covering debt
financing such as green bonds and green loans, and on May 11,2020, CSIF acquired the highest green finance evaluation ofGreen 1(F) for the Green Finance Framework from Japan Credit Rating Agency, Ltd. (JCR), which is an independent rating
agency. Subsequently, CSIF revised the green finance framework as of June 30, 2023 so that the framework would be applied
to equity finance including the issuance of investment units at the time of offering investment units. The revised green financeframework acquired a third-party evaluation of Green1 (F) in Green Finance Framework Evaluation conducted by JCR.

- 9 -Updated on

Evaluating Agency

June 30, 2023

Japan Credit Rating
Agency, Ltd. (JCR)

Evaluation
OverallGreenness (use of proceeds)

Green 1 (F)g 1 (F)Management, Operation and Transparency

m 1 (F)CSIF successively signed specified wholesale supplying agreements with Zero Watt Power Inc. for CS Izu-shi Power Plant,
CS Ogawara-machi Power Plant, CS Mashiki-machi Power Plant and CS Hiji-machi Dai-ni Power Plant. These plants are partof the assets owned by CSIF. The agreements help these electricity retailers sell FIT electric power (Note 1) or electric power
effectively derived from renewable energy (Note 2). In addition, CSIF announced the Notice concerning the Conclusion of an
Agreement Concerning the Granting of Tracking Information on Solar Power Plants Owned by CSIF on September 29, 2022.
As was mentioned there, CSIF signed a new agreement with power consumer, unidentified under non-disclosure agreementswith them, for the granting of information on renewable energy power plants (hereinafter referred to as “tracking information”)
added to the FIT Non-Fossil Certificates for CS Daisen-cho Power Plant (A), CS Daisen-cho Power Plant (B) and CS
Marumori-machi Power Plant. CSIF is thus taking actions towards decarbonization in response to the increasing needs of power
consumers for renewable energy. These actions also support the global RE100 initiative, which aims to make 100% of theenergy consumed in business activities renewable energy.
(Note 1) A FIT Non-Fossil Certificate is a certificate representing the renewable energy value of the electric power purchased under the FIT schemethat is traded on the Non-Fossil Value Trading Market operated by Japan Electric Power Exchange (hereinafter referred to as “JPEX”).
(Note 2) Part of the expenses for procuring FIT electric power is covered by the FIT surcharges paid by power consumers. Electricity retailers need to
inform of this to consumers.
(Note 3) To present to consumers that the electric power they sell is effectively derived from renewable energy, electricity retailers must separately
purchase non-fossil certificates according to the energy output sold and use them.

(iii) Financial Strategy
To secure stable revenue and ensure the growth of the managed assets of CSIF, CSIF will consider financing by public
offering, borrowings and other means in the acquisition of new assets, while watching changes in the financing environment
closely.
c Forecasts of Management Status
Forecast of management status for the fiscal period ending June 30, 2024 (January 1, 2024 to June 30, 2024), the fiscal
period ending December 31, 2024 (July 1, 2024 to December 31, 2024) and the fiscal period ending June 30, 2025 (January 1,
2025 to June 30, 2025) is as follows. For details of the assumptions underlying the forecast of management status, please refer
to “Assumptions Underlying Forecast of Management Status for Fiscal Period Ending June 30, 2024 (January 1, 2024 to June30, 2024), the fiscal period ending December 31, 2024 (July 1, 2024 to December 31, 2024) and the fiscal period ending June30, 2025 (January 1, 2025 to June 30, 2025)” described below.

Fiscal period ending
Jun. 2024
Fiscal period ending
Dec. 2024
Fiscal period ending
Jun. 2025

Operatingrevenues

OperatingincomeOrdinary
incomeNet income

Distributions
per unit(excluding
distributions
in excess ofearnings)

Distributions inexcess of
earnings per unit

Distributions
per unit(including
distributions inexcess of
earnings)

million yen

million yen

million yen

million yen

yen

yen

yen

4,500

1,671

1,404

1,403

3,107

668

3,775

4,459

1,629

1,365

1,364

3,020

755

3,775

4,445

1,641

1,387

1,386

3,070

705

3,775

d Facts arising after the settlement of accounts
Not applicable.
Assumptions Underlying Forecast of Management Status for the fiscal period ending June 30, 2024 (January 1, 2024 to June 30,2024), the fiscal period ending December 31, 2024 (July 1, 2024 to December 31, 2024) and the fiscal period ending June 30, 2025
(January 1, 2025 to June 30, 2025),- 10 -

Item
Calculation period

Portfolio

Operating Revenues

Assumptions
・ 14th fiscal period :from January 1, 2024 to June 30, 2024 (182 days)
・ 15th fiscal period: from July 1, 2024 to December 31, 2024 (184 days)
・ 16th fiscal period: from January 1, 2025 to June 30, 2025 (181 days)
・ Assumption is that CSIF has the 31 photovoltaic power generation facilities, etc. that CISF had
at the end of December 2023 (hereinafter referred to as the “Acquired Projects”) as well as
beneficial interests in a trust which holds the photovoltaic power generation facilities, etc. intrust.
・ These forecasts are based on the assumption that there have been no changes in the compositionof CSIF’s portfolio (acquisition of new assets or sale of acquired assets, etc.) until the end of the
16th fiscal period, June 30, 2025.
・ CSIF’s portfolio may change, however, due to the acquisition of new assets other than the
Acquisitions or disposal of the Projects Held, etc.
・ Leasing business revenue from the Acquired Projects, which is CSIF’s main operating revenue,
is based on the lease agreement for power generation facilities affective as of today, and is
calculated by totaling the following basic rents and result-linked rents, which are expected to be¥4,500 million for the period ending June 2024 (14th FP), ¥4,459 million for the period ending
December 2024 (15th FP), and ¥4,445 million for the period ending June 2025 (16th FP).
a) Basic rent for Projects Held is calculated as follows: Monthly projected energy output (P50)x (100-Y) % x 70% x FIT purchase priceWith respect to each of the Acquired Projects and CS Kama-shi Power Plant, the monthly
projected energy output (P50) (Note 1) (Note 2) refers to such figures disclosed in thetechnical reports (an evaluation report of the system, the capacity, the relevant contracts
attached and continuity (performance degradation and environmental evaluation) of thephotovoltaic power generation facilities acquired by CSIF) that the Asset Manager received
from E&E Solutions Inc. (“Technical Report”), and with respect to CS Fukuyama-shi Power
Plant, CS Shichikashuku-machi Power Plant, CS Miyako-machi Saigawa Power Plant and
CS Kasama-shi Dai-san Power Plant, the monthly projected energy output (P50) (Note 1)(Note 2) refers to such figures disclosed in the energy yield reports that the Asset Manager
received from TÜV Rheinland Japan Ltd. (the “Energy Yield Report”).
b) Variable rents for the Acquired Projects and the Acquisitions are calculated as follows:
Monthly actual energy output x (100-Y) % x FIT purchase price – basic rent
Any amount that exceeds the basic rent after multiplying a certain rate of (100-Y) % (Note3) to the monthly actual energy output for each solar energy project by FIT purchase pricewill be captured as a performance-related variable rent. In any case, if the calculation of thevariable rent is a negative number, it shall be deemed to be zero.
(Note 1) Projected energy output (P50) represents the output that is viewed to be achievable with a 50% probabilityby the third-party providers of the Technical Report, Energy Yield Report, and other experts. The same
applies hereinafter.
(Note 2) The calculation of parts of Acquired Projects is based on the estimated monthly power generation (P50)
presented in the Technical Report or Energy Yield Report, after deducting the rate of curtailment from third
party research firm. The same applies hereinafter.

(Note 3) Y represents the value for management costs of the lessees and operator remuneration fees. The value ofY will vary for each of the Acquired Projects.

・ Forecasted figures herein have been based on a projected energy output (P50) and are notguaranteed nor do they reflect the actual energy output, which will vary depending on the levelof solar irradiation.
・ CSIF has assumed no cancellations of the lease agreements or delinquencies or non-payment ofrents by lessees.
・ CSIF has assumed that the current lease agreements will be renewed on equal terms under these
agreements.

- 11 -

Item

Assumptions

Operating expenses

・ Of the expenses for the lease of the acquired assets comprising main operating expenses,
expenses for the Acquired Projects, etc. other than depreciation are calculated based on expenses
incurred in the past, taking factors of changes in expenses into account. These expenses are
expected to be ¥1,091million for the 14th fiscal period, ¥1,090 million for the 15th fiscal period,and ¥1,061 million for the 16th fiscal period.
・ Of the lease business expenses for the Acquired Projects, etc., the property tax is estimated to be¥7million for the 14th fiscal period, ¥8 million for the 15th fiscal period and ¥7 million for the
16th fiscal period.
・ Periodic payment of repair and maintenance costs based on the figures provided in the technicalreports and the Asset Manager’s estimate have been taken into account. However, these figures
are subject to revisions as the actual figures can vary significantly depending on the operating
period and are paid in irregular intervals, in addition to any instances where unexpected repairs
are required.
・ Maintenance expenses for the photovoltaic power generation and other facilities are estimatedto be all ¥286 million, for the 14th, 15th, and 16th fiscal periods, respectively.
・ Expenses for the land lease of the Acquired Projects, etc. is estimated to be all ¥96million, forthe 14th, 15th, and 16th fiscal periods, respectively.
・ Depreciation is calculated using the straight-line method, including ancillary and other expenses,
which are estimated to be ¥1,737 million, ¥1,739 million, and ¥1,742 million for the 14th, 15th,and 16th fiscal periods, respectively.

Non-operating expenses

・CSIF has assumed interest expenses, interests on investment corporation bonds and otherborrowing-related expenses of ¥267million, ¥263million and ¥253million for the 14th, 15th and16th fiscal periods, respectively.

Borrowings

Number of investment units

Distributions per unit
(excluding distributions inexcess of earnings)

・ CSIF’s balance of interest-bearing debt totals ¥47,776 million (borrowings and investment
corporation bonds) as of today. CSIF assumes that it will repay such interest-bearing
debt(borrowings) in amounts of ¥1,497 million, ¥1,402 million and ¥1,478 million at the end of
14th, 15th and 16th fiscal periods, respectively.
・ The loan-to-value (LTV) ratios are expected to be approximately 49.6%, 49.0% and 48.3% as ofthe end of 14th, 15th and 16th fiscal periods, respectively.
・ CSIF calculates LTV using the following formula.
LTV = Total interest-bearing debt / Total assets × 100
・ The assumption that CSIF uses is the total number of investment units issued and outstanding asof the date of this document, which is 451,756 units.
・ CSIF has assumed that there will be no changes to the number of units issued and outstanding
resulting from the issuance of additional investment units, etc., until the end of the 16th fiscal
period ending June, 2025.
・ Distributions per unit (excluding distributions in excess of earnings), distributions in excess ofearnings per unit and distributions per unit (including distributions in excess of earnings) havebeen calculated based on the assumption that the number of units issued and outstanding as ofthe end of each fiscal period will be 451,756 units.
・ Distributions per unit (excluding distributions in excess of earnings) are calculated based on the
cash distribution policy prescribed in CSIF’s Articles of Incorporation.
・ Changes in lessees, fluctuations in rental revenues due to changes in lease agreements,
fluctuations in energy output, unforeseeable repair and maintenance expenses incurred and otherfactors may lead to changes in the amount of distributions per unit (excluding distributions inexcess of earnings).

- 12 -

Item

Distributions in excess ofearnings per unit

Distributions in excess ofearnings per unit

Assumptions
・ Distributions in excess of earnings per unit will generally be based on the cash distribution
policy prescribed in CSIF’s Articles of Incorporation and the Asset Manager’s asset
management guideline.
・ CSIF intends to make cash distributions to its unitholders for each fiscal period using cash flow
generated by the renewable energy projects (the “Free Cash Flow” or “FCF”) (Note 1). The
amount available for distribution shall be calculated by multiplying FCF less any amountpayable to debt investors (the “Net Cash Flow”, or “NCF”.CSIF will incorporate the total
amount of net cash flow remaining after deduction of distributions from the preceding fiscal
periods in calculating the net cash flow) (Note 2) with the applicable payout ratio, which will be
determined by CSIF at its discretion for each fiscal period. Further, CSIF intends to make
distributions in excess of earnings for each fiscal period in order to realize such policy.
・ CSIF estimates that distributions per unit (including distributions in excess of earnings) for the
14th, 15th and 16th fiscal periods will be around ¥3,775. Distributions in excess of earnings arelikely to be ¥668, ¥755 and ¥705 in the 14th, 15th and 16th fiscal periods, respectively. This
amount, including distributions in excess of earnings, is calculated by multiplying the forecast
NCF for the relevant fiscal period (which is calculated at the beginning of the relevant fiscal
period) by a certain ratio, as described above. The ratio is determined at the beginning of eachfiscal period, considering the forecast NCF for the relevant fiscal period. The ratio used for the
14th fiscal period is 88.7%.
・ CSIF may not make cash distributions (refunds of investment) in excess of earnings upon
consideration of other options, such as repair and capital expenditure, repayment of loans,appropriation to funds for the acquisition of new properties, and the acquisition of treasury
investment units, by comprehensively considering the economic environment, the market
environment relating to the renewable energy power generation projects, the financial positionsof CSIF and other circumstances.
• In this regard, cash distributions in excess of earnings (refunds of investment) involve a decreasein funds on hand, and thus if capital expenditure beyond the expectations of CSIF is required due
to any sudden events or other causes, there is a possibility of a shortage of funds on hand or a
restriction on the flexible acquisition of properties in terms of funds. In addition, in the case of acash distribution (refund of investment) in excess of earnings, the amount of such distribution
will be deducted from the total amount of funds contributed or the contribution surplus.
(Note 1) Free cash flow (FCF) in the fiscal periods concerned is calculated using the following formula.
FCF: Total rent revenues - Expenses for rental business + Capital expenditures for working assets
Expenses related to rent business include all cash expenses related to operation, including payment of asset
management fees and administrative service fees, but exclude interest payments related to interest-bearing
debt or other financing-related expenses.
(Note 2) Net cash flow (NCF) in the fiscal periods concerned is calculated using the following formula.
NCF: FCF - (Interest expenses for interest-bearing debt + Repayments of interest-bearing debt in eachperiod) + Total amount of NCF remaining after deducting distributions for the preceding fiscal period

Others・ CSIF has assumed that no revisions that will impact the above projections will be made to laws
and regulations, tax systems, accounting standards, securities listing regulations and the rules of
The Investment Trusts Association, Japan, among others.
・ CSIF has assumed that no unforeseeable significant changes will occur in general economic
trends or conditions in the solar energy facility market and the real estate market.

(2) Risk of Investment
Disclosure is omitted because there have been no significant changes from the description in the latest securities report(submitted on Sptember 28, 2023 including subsequent amendments.)- 13 -

2. Financial Statement(1) Balance Sheet
12th Period(June 30, 2023)
AssetsCurrent Assets
Cash and bank deposit
Operating accounts receivable
Prepaid expenses
Consumption taxes receivable
Other current assets
Total current assets
Fixed Assets
Property and equipment
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment ,net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Construction in progress in trust
Total property and equipment
Intangible assets
Leasehold rights
SoftwareTotal intangible assets
Investments and other assets
Long-term prepaid expenses
Investment in capital
Deferred tax assets
Long-term bank deposit
Security deposits
Total investment and other assets
Total fixed assets
Deferred Assets
Investment corporation bond issuance cost
Total deferred assets
Total assets
Liabilities
Current liabilities
Accounts payable – operating
Short-term loans payable
Current portion of long-term loans payable
Current portion of investment corporation bondAccounts payable – otherAccrued expenses
Income taxes payable
Consumption tax payable
Deposits received
Total current liabilities
Non-current liabilities
Investment corporation bondLong-term loan payable
Long-term accounts payable - otherTotal non-current liabilities- 14 -(Unit : thousand yen)
13th Period(December 31, 2023)

4,989,834
1,035,888
181,049
46,202
6,252,975

5,911,425
946,740
337,251
1,385,163
40,8008,621,381

1,064,093(215,001)
849,092
42,495,764(9,077,413)
33,418,351
592,466(126,616)
465,849
4,505,944
6,590,138(563,468)
6,026,670
20,291,246(1,972,524)
18,318,722
94,418(8,971)85,447
4,769,905
3,751
68,443,734

1,074,228(236,994)
837,233
43,317,800(9,964,984)
33,352,815
592,466(138,582)
453,884
4,570,689
7,923,918(706,649)
7,217,268
33,005,488(2,599,626)
30,405,862
134,095(11,544)
122,550
6,948,625
3,751
83,912,681

1,156,923
2,528
1,159,452

1,486,690
2,176
1,488,866

443,26810
72
15,60037,790496,741
70,099,928

914,460
10
16
23,40046,909984,797
86,386,345

12,141
12,141
76,365,045

9,361
9,361
95,017,088

56,3992,267,295
158,704
120,796
848
84,607511
2,689,163

100,930
1,100,000
2,900,480
1,100,000
233,455
111,268
954
48,654
16,424
5,612,168

4,900,000
29,376,343
34,276,343

3,800,000
38,876,005
71,21542,747,220

Total liabilities
Net assets
Unitholders' equity
Unit holders’ capital
Deduction from unitholders’ capital
Unitholders’ capital (net value)
Surplus
Unappropriated retained earnings(Accumulated deficit)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets- 15 -

36,965,507

48,359,388

40,631,004(2,234,888)
38,396,116

47,953,452(2,681,476)
45,271,976

1,003,421

1,385,723

1,003,421
39,399,537*1
39,399,537
76,365,045

1,385,723
46,657,699
46,657,699
95,017,088

(2) Statement of Income(Unit: thousand yen)
12th period(from January 1, 2023
to June 30, 2023)
Operating revenues
Rental revenues of renewable energy power generation
facilities, etc.
Total operating revenues
Operating expenses
Rental expenses of renewable energy power generation
facilities, etc.
Asset management fee
Administrative service fees
Director’s compensation
Taxes and duties
Other operating expenses
Total operating expenses
Operating income or loss
Non-operating incomesInterest income
Dividends
Gain on forfeiture of unclaimed dividends
Insurance income
Guarantee commission received
Other non-operating income
Total non-operating income
Non-operating expenses
Interest expenses
Interest on investment corporation bondAmortization of Investment corporation bond issuance
cost
Borrowing-related expenses
Investment units issuance costs
Loss on retirement of noncurrent assets
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes - current
Income tax - deferred
Total income taxes
Net income
Retained earnings (deficit) brought forward
Unappropriated retained earnings (Accumulated deficit)*1

13th period(from July 1, 2023
to December 31, 2023)

3,452,770*1

3,452,770*1- 16 -

2,083,424

4,537,922
4,537,922*1

2,414,802

108,941
28,8732,400
52
72,9052,296,597
1,156,173

168,639
28,0232,400
3,108
73,9572,690,932
1,846,990

28
0
291
56,88010
57,210

32
648
688
285
1,654

141,496
18,947

183,994
19,262

2,779

2,779

37,7308,451
209,406
1,003,977
1,003,977
852
(57)
794
1,003,182
239
1,003,421

213,085
42,181
653
461,956
1,386,688
1,386,688
959
55
1,014
1,385,673
49
1,385,723

(3) Statements of Changes in Unitholders’ Equity
12th Fiscal Period (From January 1, 2023 to June 30, 2023)(Unit: thousand yen)
Unitholders’ equity
Unitholders’ capital
Unitholders’capitalDeduction fromunitholders’capital40,631,004

Distribution inexcess of earnings

SurplusTotal
unitholders’equityTotal net
assetsUnitholders’capital(net)

Capitalsurplus or
loss

Total
surplus(1,998,255)

38,632,749

1,213,566

1,213,566

39,846,315

39,846,315-(236,633)(236,633)--(236,633)(236,633)

Dividend of
surplus---(1,213,326) (1,213,326)(1,213,326) (1,213,326)

Net Income

-

-

-

1,003,182

1,003,182

1,003,182

1,003,182

Total changes of
items during theperiod-(236,633)(236,633)(210,144)(210,144)(446,777)(446,777)*1 40,631,004(2,234,888)

38,396,116

1,003,421

1,003,421

39,399,537

39,399,537

Balance as ofJanuary 1, 2023
Changes of items
during the period

Balance as of June30, 2023

13th Fiscal Period (From July 1, 2023 to December 31, 2023)(Unit: thousand yen)
Unitholders’ equity
Unitholders’ capital

40,631,004

Total
unitholders’equityTotal net
assetsUnitholders’capital(net)

Capitalsurplus or
loss

Total
surplus(2,234,888)

38,396,116

1,003,421

1,003,421

39,399,537

39,399,537

7,322,448-

7,322,448--

7,322,448

7,322,448

Distribution inexcess of earnings-(446,587)(446,587)--(446,587)(446,587)

Dividend of
surplus---(1,003,372) (1,003,372)(1,003,372) (1,003,372)

Net Income

-

-

-

1,385,673

1,385,673

1,385,673

1,385,673

7,322,448(446,587)

6,875,860

382,301

382,301

7,258,161

7,258,161*1 47,953,452(2,681,476)

45,271,976

1,385,723

1,385,723

46,657,699

46,657,699

Balance as of July 1,
2023

Unitholders’capitalDeduction fromunitholders’capitalSurplus

Changes of items
during the period
Issuance of new
investment units

Total changes of
items during theperiodBalance as ofDecember 31, 2023

- 17 -

(4) Statements of Cash Distribution
Fiscal Period under Review(From January 1, 2023
to June 30, 2023)
Unit: Yen
I Unappropriated retained earnings(accumulated deficit)
II Distributions in excess of retained earnings
Provision for temporary difference
adjustments
Deduction from unitholders’ capital
III Cash distributions(Cash distributions per unit)
Profit distributions(Profit distributions per unit)
Provision for temporary difference
adjustments(Distributions in excess of retained
earnings per unit (for provision for
temporary difference adjustments))
Distributions in excess of other retained
earnings(Distributions in excess of retained
earnings per unit (for distributions inexcess of other retained earnings))
IV. Retained earnings (deficit) carried forward
Calculation method for cash distributions

Fiscal Period under Review(From July 1, 2023
to December 31, 2023)
Unit: Yen

1,003,421,642

1,385,723,092-

1,807,024

446,587,680
1,449,960,000(3,750)1,003,372,320(2,595)-306,742,324
1,694,085,000(3,750)1,385,535,652(3,067)
1,807,024-(4)

446,587,680

306,742,324(1,155)(679)

49,322
187,440
In accordance with Articles 47,
In accordance with Articles 47,
Paragraph 1 of Canadian Solar Paragraph 1 of Canadian Solar
Infrastructure Fund, Inc. (“CSIF’) s Infrastructure Fund, Inc. (“CSIF’) s
Articles of Incorporation, the amount of Articles of Incorporation, the amount ofcash distributions shall be the amount of cash distributions shall be the amount of
profit in excess of an amount equivalent profit in excess of an amount equivalent
to 90% of distributable profits, as to 90% of distributable profits, as
stipulated in Article 67-15 of the Act on stipulated in Article 67-15 of the Act on
Special Measures Concerning Taxation. Special Measures Concerning Taxation.
Based on this policy, CSIF decided to Based on this policy, CSIF decided tomake distributions of ¥1,003,372,320 make distributions of ¥1,385,535,652
which is the entire amount equivalent to which is the entire amount equivalent tothe unappropriated retained earnings for the unappropriated retained earnings forthe fiscal period under review of the fiscal period under review of¥1,003,421,642 excluding fractions of ¥1,385,723,092 excluding fractions of
the distribution per unit that are less than the distribution per unit that are less than
¥1.
¥1.
CSIF distributes cash in excess of
CSIF distributes cash in excess ofretained earnings every fiscal period retained earnings every fiscal period
based on the cash distribution policy based on the cash distribution policy
prescribed in Article 47, Paragraph 2 of prescribed in Article 47, Paragraph 2 of
CSIF’s Articles of Incorporation. Based CSIF’s Articles of Incorporation. Basedon this policy, CSIF decided to make on this policy, CSIF decided to makecash distributions in excess of earnings cash distributions in excess of earnings(return of capital categorized as a (return of capital categorized as a
distribution of the reduction in capital distribution of the reduction in capitalfor Japanese tax purposes) in the amount for Japanese tax purposes) in the amountof ¥446,587,680 which is equivalent to of ¥306,742,324 which is equivalent to30.7% of the amount of depreciation 18.1% of the amount of depreciation
expenses recorded for the fiscal period expenses recorded for the fiscal period
under review of ¥1,454,833,616.
under review of ¥1,694,819,934 andAccordingly, the distribution per unit ¥1,807,024 as provision for temporaryis ¥3,750.
difference adjustments.
Accordingly, the distribution per unitis ¥3,750.

- 18 -

(Note)Distributions in excess of retained earnings per unit will generally be based on the cash distribution policy prescribed in
CSIF’s Articles of Incorporation and the Asset Manager’s asset management guideline.
CSIF intends to make cash distributions of NCF within the FCF generated from the renewable energy power generation
facilities. The amount available for distribution shall be calculated by multiplying NCF by the payout ratio.
Further, CSIF intends to make distributions in excess of retained earnings for each fiscal period in order to realize suchpolicy.
CSIF’s forecasts (including revised forecasts) for each fiscal period are based on the assumption of the Forecast Power
Generation (P50) provided in the independent technical report which is used as a basis for calculating rents for renewableenergy power generation facilities and if actual NCF calculated based on actual power generation during the applicablefiscal period exceeds forecast NCF, CSIF’s policy is to set “forecast NCF multiplied by the payout ratio” as the upper limitof the amount of cash distributions for the applicable fiscal period. .
On the other hand, if actual NCF is less than forecast NCF, CSIF’s policy is to set “actual NCF multiplied by the payout
ratio” as the amount of cash distributions for the applicable fiscal period.
Based on this policy, CSIF decided to make distributions for the previous fiscal period of ¥1,449,960,000 which isequivalent to 76.4% of forecast NCF amount for the fiscal period under review of ¥1,898,513,782. Of this, ¥446,587,680
which is the amount less of distributions of profit of ¥1,003,372,320 is distributions in excess of retained earnings.
Based on this policy, CSIF decided to make distributions for the current fiscal period of ¥1,694,085,000 which isequivalent to 91.6% of forecast NCF amount for the fiscal period under review of ¥1,850,262,805. Of this, ¥308,549,348
which is the amount less of distributions of profit of ¥1,385,535,652 is distributions in excess of retained earnings.

- 19 -

(5) Statement of Cash Flow(unit: thousand yen)
12th period(From January 1, 2023
to June 30, 2023)
Cash flows from operating activities
Income (Loss) before income taxes
Depreciation costs
Investment unit issuance costs
Amortization of investment corporation bond issuance
costs
Interest income and dividends
Interest expenses
Gain on forfeitute of unclaimed dividends
Loss on retirement of noncurrent assets
Decrease (Increase) in operating accounts receivable
Decrease (Increase) in accounts receivable
Decrease (Increase) in consumption taxes receivable
Decrease (Increase) in consumption taxes payable
Decrease (Increase) in prepaid expenses
Decrease (Increase) in long-term prepaid expenses
Increase (Decrease) in operating accounts payable
Increase (Decrease) in accounts payable - other
Increase (Decrease) in accrued expenses
Other, net
Sub-totalInterest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into fixed deposits
Purchases of property and equipment
Purchases of intangible assets
Payments of guarantee deposits
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of investment units
Payments of investment unit issuance costs
Dividends paid
Surplus earning distribution paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the fiscal
periodCash and cash equivalents at the end of the fiscal period

13th period(From July 1, 2023
to December 31, 2023)

1,003,977
1,454,833-

1,386,688
1,694,819
42,181

2,779

2,779

(28)
160,444(291)(236,915)
13,141
7,645
81,65938,533(35,111)(45)(1,784)
12,5122,501,351
28(161,410)(918)
2,339,051(32)
203,256(648)
653
89,148(1,385,163)(36,052)(156,202)(471,191)
49,33480,147(11,970)
21,315
1,509,064
32(200,814)(853)
1,307,428(25,465)(654)(26,119)(7,800)(17,168,817)(254,802)(9,119)(17,440,539)(1,144,681)(1,213,326)(236,633)(2,594,641)(281,710)

1,100,000
11,600,000(1,467,153)
7,322,448(50,632)(1,003,372)(446,587)
17,054,702
921,591

5,271,544*1- 20 -

4,989,834

4,989,834*1

5,911,425

(6) NOTES ON GOING CONCERN PREMISE
Not applicable.

(7) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. Method of depreciation andamortization of non-current assets(1) Property and equipment
The straight-line method is adopted. In addition, the useful lives of major property
and equipment are as shown below:
Structures............................................... 22 - 30 years
Machinery and equipment..................... 6 - 29 years
Tools, furniture and fixtures.................. 22 - 25 years
Structures in trust .................................. 24 - 30 years
Machinery and equipment in trust......... 24 - 29 years
Tools, furniture and fixtures in trust...... 24 - 29 years(2) Intangible assets
The straight-line method is adopted. In addition, the useful life is as shown below:
Software................................................ 5 years(3) Long-term prepaid expenses
The straight-line method is adopted.

2. Method of amortization of deferredassets(1) Investment corporation bond issuance expenses
Amortized by the straight-line method over the life of the bonds.
(2) Investment units issuance costs
Expensed wholly when incurred.

3. Standards for revenue and expense
recognition

Accounting for fixed assets tax
With respect to fixed assets tax, city planning tax and depreciable assets tax, among
other taxes, on the infrastructure assets held, of the tax amount assessed and determined,
the amount corresponding to the calculation period is accounted as rental expenses. In
addition, reimbursement such as fixed assets tax, which is paid to the seller and otherpersons on the acquisition of infrastructure assets and other assets (“the amountequivalent to the fixed assets taxes and other taxes”) is not recognized as rental expenses
but included in the acquisition cost of the concerned infrastructure assets and otherassets.
The amount equivalent to the fixed assets taxes and other taxes which are included in
the acquisition cost of infrastructure assets during the fiscal period under review are
38,285 million yen.

4. Scope of funds in statement of cash
flows

Funds (cash and cash equivalents) in statement of cash flows consist of cash on hand,demand deposits and short-term investments with a maturity of three months or less atthe date of acquisition that can readily be converted into cash and that are subject toinsignificant risks of changes in value.

5. Method of hedge accounting(1) Method of hedge accounting
Special treatment is adopted for the interest rate swap that meets the requirements for
special treatment.
(2) Hedging instruments and hedged items:
・Hedging instruments……Interest rate swap transaction
・Hedged items….Interest rate on loans(3) Policy for hedging
CSIF conducts derivative transactions to hedge risks as set forth in the CSIF’s Articles
of Incorporation according to the rules for risk management.
(4) Method of evaluation of effectiveness of hedging
The interest rate swap meets the requirements for special treatment, and thus theevaluation of effectiveness is omitted.

- 21 -

6. Other significant matters serving as
the basis for preparation of financial
statements

Accounting treatment with regard to trust beneficiary interest in real estateWith regards to trust beneficial interest in equipment of renewable energy power
plants, all assets and liabilities within entrusted assets as well as all revenue andexpense items which occur to entrusted assets are recorded as the respective accounttitles on the balance sheet and statements of income. The following important accounttitles among the entrusted assets which are recorded as the respective account titles are
separately indicated on the balance sheet:
Structures in trust, Machinery and equipment in trust, Tools, furniture and fixtures intrust, Land in trust, Construction in progress in trust.

(Additional Infomation)(Notes to Provision and Reversal of Reserve for Temporary Difference Adjustments)
Prior fiscal period (from January 1,2023 to June 30,2023)
Not applica
Current fiscal period (from July 1, 2023 to December 31,2023)
1.Reasons for occurrence, assets and amount of the reserve
Reserve for temporary

Subject asset

Reason for reserve

Solar energy facility(mainly CS Mashiki-machi Power
Plant)

Occurrence of the issue of inconsistency between
accounting purposes and tax purposes regarding
recording of depreciation expenses

difference adjustment
1,807

2.Specific method of reversal
CSIF plans to reverse the amount to be reveresed upon inclusion of the expenses after passing the useful life on the tax purpose.

(8) Notes to Changes in Presentation Methods(Statement of Income)In the previous fiscal period, “Gain on forfeiture of unclaimed dividends”, which was included in “Other non-operating income”'
under “Non-operating incomes”,' is presented separately from this fiscal period because it is expected to occur on a materiality basis.
The financial statements for the previous fiscal period have been reclassified to reflect this change in presentation method.
(Statement of Cash Flow)
In the previous fiscal period,“Gain on forfeiture of unclaimed dividends”, which was included in “Other non-operating income”'
under “Non-operating incomes” in the section of Cash flows from operating activities,' is presented separately from this fiscal period
because it is expected to occur on a materiality basis. The financial statements for the previous fiscal period have been reclassified toreflect this change in presentation method.

(9) Notes regarding financial statements[NOTES TO BALANCE SHEET]*1 Minimum net assets stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations(Unit: thousand yen)
As ofJune 30, 2023

As ofDecember 31, 2023
50,000- 22 -

50,000[NOTES TO STATEMENT OF INCOME]*1 Breakdown of profits and losses from the rental business of renewable energy power generation facilities, etc.
(Unit: thousand yen)
From January 1, 2023 toJune 30, 2023

From July 1, 2023 to
December 31, 2023

A. Operating revenue from the rental business of renewable energy power generation facilities, etc.
Rental revenue of renewable energy power generation
facilities, etc.
(Basic rent)(Variable rent linked to actual output)(Incidental income)
Total operating revenue from the rental business ofrenewable energy power generation facilities, etc.

2,572,178

3,100,065

880,587

1,437,806

4

50

3,452,770

4,537,922

B. Operating expenses from the rental business of renewable energy power generation facilities, etc.
Rental expenses of renewable energy power generation
facilities, etc.
(Management entrustment expenses)

252,922

298,151(Repair and maintenance costs)

29,83530,500(Taxes and duties)

211,913

211,914(Utilities expenses)

7,262

5,574

(Insurance expenses)

58,314

67,406(Depreciation expenses)

1,454,481

1,694,467(Land rent)

62,04496,599(Trust fees)

6,600

10,18849-

2,083,424

2,414,802

1,369,346

2,123,120(Other rental expenses)
Total operating expenses from the rental business ofrenewable energy power generation facilities, etc.
C. Profits and losses from the rental business of renewable energy
power generation facilities, etc. (A-B)[NOTES TO STATEMENT OF CHANGES IN NET ASSETS]*1 Total number of authorized investment units and the total number of investment units issued and outstanding
From January 1, 2023 toJune 30, 2023

From July 1, 2023 to
December 31, 2023

Total number of authorized investment
units

10,000,000 units

10,000,000 units

Total number of investment units issued
and outstanding

386,656 units

451,756 units- 23 -

[NOTES TO STATEMENT OF CASH FLOWS]*1 Relationship between the ending balance of cash and cash equivalents and the amounts on the balance sheet(Unit: thousand yen)
From January 1, 2023 toJune 30, 2023
Cash and deposits

4,989,834

5,911,425--

4,989,834

5,911,425

Fixed term deposits exceeding 3 months
Cash and cash equivalents

From July 1, 2023 to
December 31, 2023

[NOTES ON LEASE TRANSACTIONS]
Operating lease (as the lessor)
Future minimum lease payments(Unit: thousand yen)
Fiscal period ended

Fiscal period ended

June 30, 2023

December 31, 2023

Within one year

5,108,927

6,260,744

Longer than one year

66,556,237

81,394,527

Total

71,665,164

87,655,272[NOTES ON FINANCIAL INSTRUMENTS]
1.Situation of financial instruments(1) Policy for financial instruments
CSIF procures funds for acquiring new assets or repaying loans through loans from financial institutions or issuinginvestment units. The basic policy is to build stable and sound financial operations to maintain and increase earnings in themedium to long term and grow the size and value of assets.
(2) Details of the financial instruments and their risks and the risk management system
Long-term loans payables are one of the means to procure the funds for the acquisition of managed assets and are
exposed to interest rate fluctuation risk and liquidity risk, among other risks. However, this risk is deducted through theappropriate balancing of the loan period and the interest rate type, and diversification of lenders, and the appropriate
management of various types of indexes, especially the general application of the upper limit of the ratio of interestbearing, which is 60%.
(3) Supplementary explanation on fair value of financial instruments
The fair values of financial instruments are values based on market prices, or if there are no market prices, values arereasonably calculated. Since certain assumptions are used for the calculation of fair values, they may change if different
assumptions are used.

- 24 -

2. Matters relating to fair values of financial instruments
The table below shows the book value and fair values of financial instruments as of June 30, 2023, and the difference between
them. With respect to cash and deposits and operating account receivable, the condition that the cash and deposits are settled in
the short term, and thus the market value is considered to be close to the book value. Accordingly, those are not included int hetable. Long-term bank deposits and security deposits are not included in the table since those have little relevance.
(Unit: thousand yen)Book value

Fair value

Difference(1) Current portion of long-term loans payable

2,267,295

2,268,972

1,676(2) Long-term loans payable

29,376,343

29,513,817

137,474(3) Investment corporation bond

4,900,000

4,885,960(14,040)

Total liabilities

36,543,639

36,668,750

125,110---(4) Derivative transaction(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of long-term loans payable (2) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every
certain period is applied to loans, and thus the market value is considered to be close to the book value. Accordingly,
the book value is used. In addition, for the long-term loans payable at variable interest rates subject to the special
treatment of interest rate swap (refer to the “Notes on derivative transactions” below), the fair value is measured bydiscounting the total sum of the principal and interest treated together with the said interest rate swap as one at theinterest rate that is applied when the similar loan is obtained and that is reasonably estimated.
(3) Investment Corporation Bond
The fair value of investment corporation bonds is determined based on market prices(4) Derivative transaction
Please refer to the “Notes on derivative transactions” below.
The table below shows the book value and fair values of financial instruments as of December 31, 2023, and the difference
between them. With respect to cash and deposits and operating account receivable, the condition that the cash and deposits aresettled in the short term, and thus the market value is considered to be close to the book value. Accordingly, those are notincluded int he table. Long-term bank deposits and security deposits are not included in the table since those have little relevance.
(Unit: thousand yen)Book value

Fair value

Difference(1) Curent portion of investment corporate bond

1,100,000

1,097,690(2,310)(2) Current portion of long-term loans payable

2,900,480

2,904,388

3,907(3) Long-term loans payable

38,876,005

39,291,685

415,680(4) Investment corporation bond

3,800,000

3,782,520(17,480)

Total liabilities

46,676,485

47,076,283

399,798---(5) Derivative transaction(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Liabilities(1) Current portion of investment corporate bond and (4) Investment Corporation Bond
The fair value of current portion of investment corporate bond and investment corporation bonds are determined based onmarket prices.
(2) Current portion of long-term loans payable (3) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every
certain period is applied to loans, and thus the market value is considered to be close to the book value. Accordingly,
the book value is used. In addition, for the long-term loans payable at variable interest rates subject to the special
treatment of interest rate swap (refer to the “Notes on derivative transactions” below), the fair value is measured bydiscounting the total sum of the principal and interest treated together with the said interest rate swap as one at theinterest rate that is applied when the similar loan is obtained and that is reasonably estimated.
(5) Derivative transaction
Please refer to the “Notes on derivative transactions” below.

- 25 -

(Note 2) Scheduled redemption amount of loans payables after the closing date (June 30, 2023)(Unit: thousand yen)
Within one
year
Long-term loans payable

2,267,295

2,206,896

2,301,459

2,240,050

9,164,997

13,462,939-

1,100,000

3,800,000---

2,267,295

3,306,896

6,101,459

2,240,050

9,164,997

13,462,939

Investment corporation bond
Total

Longer than Longer than Longer than Longer than
one year,
two years, three years, four years, Longer than
within two within three within four within five
five years
years
years
years
years

Scheduled redemption amount of loans payables after the closing date (December 31, 2023)

Within one
year(Unit: thousand yen)
Longer than Longer than Longer than Longer than
one year,
two years, three years, four years, Longer than
within two within three within four within five
five years
years
years
years
years

Long-term loans payable

2,900,480

2,935,268

2,882,405

10,249,481

5,669,200

17,139,648

Investment corporation bond

1,100,000-

3,800,000---

4,000,480

2,935,268

6,682,405

10,249,481

5,669,200

17,139,648

Total[NOTES ON SECURITIES]

Prior fiscal period (as of June 30, 2023)
Not applicable.
Current fiscal period (as of December 31, 2023)
Not applicable.
[NOTES ON DERIVATIVE TRANSACTIONS]
1. Those to which hedge accounting is not applied
Prior fiscal period (as of June 30, 2023) and Current fiscal period (as of December 31, 2023)
Not applicable.
2. Those to which hedge accounting is applied
Prior fiscal period (as of June 30, 2023)(Unit: thousand yen)
Method ofhedge
accounting

Type of derivativetransactions and othermatters

Major
items
hedgedSpecialtreatment ofInterest rate swap
transaction
Fixed

Longterminterest rate
swap

payment/variable
receiptloans
payableContract amount and otheramounts
Longer than one
year

31,643,639

29,376,343

Fair value(Note)

Method ofcalculation ofsaid market
value

-

(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and the long-termloans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-term loans
payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among other matters”- 26 -

Current fiscal period (as of December 31, 2023)(Unit: thousand yen)
Method ofhedge
accounting
Specialtreatment ofinterest rate
swap

Type of derivativetransactions and othermatters
Interest rate swap
transaction
Fixed
payment/variable
receipt

Major
items
hedgedLongterm
loans

Contract amount and otheramounts
Longer than one
year

36,144,664

33,579,958

Fair value

Method ofcalculation ofsaid market
value(Note)-

payable(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and the long- termloans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (1) Current portion of long-term loans
payable and (2) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among other matters”[NOTES ON RETIREMENT BENEFITS]
Prior fiscal period (as of June 30, 2023)
Not applicable.
Current fiscal period (as of December 31, 2023)
Not applicable.
[NOTES ON TAX EFFECT ACCOUNTING]
1. Breakdown of deferred tax assets and deferred tax liabilities by major cause(Unit: thousand yen)
Fiscal period ended
June 30, 2023

Fiscal period ended
December 31, 2023

Deferred tax assets
Accrued business tax not deductible from taxable
income1216Non-deductible excess depreciation

60

616

Sub total deferred tax assets

72

632

Valuation allowance

-

(616)

Total deferred tax assets

72

16

Net amount of deferred tax assets

72

16

2. Breakdown of each major item that causes a significant difference between the effective statutory tax rate and the rate of
the burden of corporate tax and other taxes after the application of tax effect accounting
Fiscal period ended
June 30, 2023
Effective statutory tax rate

Fiscal period ended
December 31, 2023

31.46%

31.46%(31.44)%(31.47)%

Others

0.06%

0.09%

Rate of burden of corporate tax and other taxes after
the application of tax effect accounting

0.08%

0.07%

(Adjustment)
Dividends paid deductible for tax purpose- 27 -

[NOTES ON SHARE OF PROFIT (LOSS) OF ENTITIES ACCOUNTED FOR USING EQUITY METHOD, ETC.]
Prior fiscal period (from January 1, 2023 to June 30, 2023)
Not applicable.
Current fiscal period (from July 1, 2023 to December 31, 2023)
Not applicable.
[NOTES ON RELATED PARTY TRANSACTIONS]
Prior fiscal period (from January 1, 2023 to June 30, 2023)
Not applicable.
Current fiscal period (from July 1, 2023 to December 31, 2023)
Not applicable.
[NOTES ON ASSET RETIREMENT OBLIGATIONS]
Prior fiscal period (from January 1, 2023 to June 30, 2023)
Not applicable.
Current fiscal period (from July 1, 2023 to December 31, 2023)
Not applicable.
With respect to some of the renewable energy power generation facilities that the Investment Corporation owns directly oras assets in trust, it bears the obligation of restoring relevant sites to their original conditions according to land lease contracts
concluded with landowners. With these contracts being subject to automatic renewal, expected to be renewed unless there are
special circumstances, or being highly likely to be renewed or re-concluded, the Investment Corporation has difficulty inreasonably estimating until when such contracts will remain effective. It therefore has not posted asset retirement obligations
to reflect the said obligation. In addition, the Investment Corporation considers that the possibility of such contracts being
cancelled is extremely low because it is difficult to use land covered by the contracts for purposes other than renewableenergy power generation facilities.
[NOTES ON INVESTMENT AND RENTAL PROPERTY]CSIF has renewable energy power generation facilities, etc. The book value, change during the period and fair value at the endof the period are as shown below.
(Unit: thousand yen)
Fiscal period ended
June 30, 2023

Fiscal period ended
December 31, 2023

Book value (Note 2)
Beginning balance

71,027,800

69,596,907

Change during the period(Note 3)

(1,430,893)

15,798,713

Ending balance

69,596,907

85,395,621

Fair value at the end of the period(Note 4)74,876,000

88,755,000(Note 1) The real estate that CSIF holds is real estate to be provided for the use of renewable energy power generation facilities, and thus with respect
to the book value and the fair value, the amount of the renewable energy power generation facilities and real estate are stated together as one.
(Note 2) The book value is the amount at acquisition cost less the accumulated depreciation.
(Note 3) The change during the period ended June 30, 2023 primarily consisted of the increase due to capital expenditure for photovoltaic power
generation facilities (23,588 thousand yen), and the decrease due to depreciation expenses (1,454,481 thousand yen). And the change during
the period ended December 31, 2023 primarily consisted of the inrease due to acquisition of 6 photovoltaic power generation facilities(17,403,921 thousand yen), and the decrease due to depreciation expenses (1,694,467 thousand yen).
(Note 4) The fair value is the total sum of the median amount that we calculated according to Article 41, paragraph 1 of the CSIF's Articles ofIncorporation on the basis of the appraised value in the range stated in the valuation report with the date of the value opinion on June 30,2023 and December 31, 2023, which was obtained from PricewaterhouseCoopers Sustainability LLC (for S-01 to S-18). And, the fair value- 28 -

is the total sum of the median amount on the basis of the appraised value stated in the valuation report with the date of the value opinion on

June 30, 2023 and December 31, 2023, which was obtained from Kroll International Inc (for S-19 to S-30). For the period ended June 30,
2023, the fair value which is the total sum of the median amount stated in the valuation report of Kroll International Inc is rounded down to
the nearest million yen. The fair value is the total sum of the median amount that we calculated according to Article 41, paragraph 1 of the
CSIF's Articles of Incorporation on the basis of the appraised value in the range stated in the valuation report with the date of the value
opinion on December 31, 2023, which was obtained from Japan Real Estate Institute (for S-31).

In addition, profits and losses from the renewable energy power generation facilities, etc. for the fiscal period ended June 30,2023 (the 12th period) and December 31, 2023 (the 13th period) are as stated in the “Notes to statement of income” above.
[NOTES ON REVENUE RECOGNITION]
Not applicable.
[NOTES ON SEGMENT INFORMATION]
1.Segment information
Since CSIF has a single segment of the rental business of infrastructure assets, the segment information is omitted.
2.Related Information
Prior fiscal period (from January 1, 2023 to June 30, 2023)(1) Information on products and services
Information is omitted because operating revenue from a single product/service to outside customers exceeds 90%of the operating revenue on the statement of income.
(2) Information on regions① Operating revenue
Information is omitted because operating revenue from outside customers in Japan exceeds 90% of theoperating revenue on the statement of income.
② Property and equipment
Information is omitted because the amount of property and equipment located in Japan exceeds 90% of the amount ofproperty and equipment on the balance sheet.
(3) Information on major customers(unit: thousand yen)
Name of customer

Total net revenue

Name of related segment

Tida Power 01 G.K.

2,785,578

LOHAS ECE 2 G.K.

667,187

Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental business(Note) LOHAS ECE2 G.K., which was the certified operator for CS Hijii-machi Dai-ni Power Plant, was merged with Tida Power 01 G.K. as thesurviving company on May 10, 2023.

Current fiscal period (from July 1, 2023 to December 31, 2023)(1) Information on products and services
Information is omitted because operating revenue from a single product/service to outside customers exceeds 90%of the operating revenue on the statement of income.
(2) Information on regions① Operating revenue
Information is omitted because operating revenue from outside customers in Japan exceeds 90% of theoperating revenue on the statement of income.
② Property and equipment
Information is omitted because the amount of property and equipment located in Japan exceeds 90% of the amount ofproperty and equipment on the balance sheet.

- 29 -

(3) Information on major customers(unit: thousand yen)
Name of customer

Total net revenue

Tida Power 01 G.K.

Name of related segment
4,536,863

Yamaguchi Aio Futajima 2 G.K.

1,008

Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental business[NOTES ON PER UNIT INFORMATION]
Prior fiscal period
From January 1, 2023
June 30, 2023
Net assets per unit

Current fiscal period
From July 1, 2023
December 31, 2023

101,898 yen

103,280 yen

2,594 yen

3,111 yen

Net income (Net loss) per unit

(Note 1) Net income (Net loss) per unit is calculated by dividing net income (net loss) by the average number of investment units during the period. In theprevious fiscal period, a loss was posted and there were no dilutive investment units, and thus diluted loss per unit is not stated. With respect todiluted profit per unit for the period under review, there are no dilutive investment units, and thus the statement is omitted.
(Note 2) The basis of calculation of net income (net loss) per unit is as follows.

Prior fiscal period
From January 1, 2023
June 30, 2023
Net income (Net loss) (Thousand yen)Amount not attributable to common unit holders(Thousand yen)
Net income (Net loss) attributable to Common unit
holders (Thousand yen)
Average number of investment units during the period(Units)[NOTES ON FACTS ARISING AFTER THE SETTLEMENT OF ACCOUNTS]
Not applicable.

- 30 -

Current fiscal period
From July 1, 2023
December 31, 2023

1,003,182

1,385,673--

1,003,182

1,385,673

386,656445,353

(10) Change in the total number of investment units issued and outstanding
Change in the total number of investment units issued and outstanding and the total amount of unitholders' capital is as shown
below since the establishment of the CSIF.

Date

Event

Total number of investment units
issued and outstanding (units)
ChangeBalance

Total amount of unitholders'
capital (Note 1) (million yen)
ChangeRemarks

Balance

May 18, 2017

Establishment upon
private placement

1,500

1,500

150

150

(Note 2)October 27, 2017

Capital increase by
public offering

177,800

179,300

16,891

17,041(Note 3)

November 28, 2017

Capital increase by
third-party
allotment

2,890

182,190274

17,315(Note 4)September 5, 2018

Capital increase by
public offering

46,667

228,857

4,509

21,824(Note 5)-

228,857(147)

21,677(Note 6)2,333

231,190

225

21,902(Note 7)-

231,190(420)

21,482(Note 8)-231,190(133)

21,349(Note 9)-231,190(309)

21,039(Note 10)-

231,190(163)

20,876(Note 11)

151,500

382,690

18,10638,982(Note 12)-382,690(138)

38,843(Note 13)

3,966

386,656474

39,317(Note 14)-386,656(357)

38,960(Note 15)

Cash distribution inexcess of earnings
September 14, 2018(refund ofinvestment)
October 4, 2018

Capital increase by
third-party
allotment

March 14, 2019

Cash distribution inexcess of earnings(refund ofinvestment)

Cash distribution inexcess of earnings
September 17, 2019(refund ofinvestment)

March 17, 2020

Cash distribution inexcess of earnings(refund ofinvestment)

Cash distribution inexcess of earnings
September 15, 2020(refund ofinvestment)
March 5, 2021

March 16, 2021

April 7, 2021

Capital increase by
public offering
Cash distribution inexcess of earnings(refund ofinvestment)
Capital increase by
third-party
allotment
Cash distribution in

September 15, 2021

excess of earnings(refund ofinvestment)- 31 -

Date

Event

Total number of investment units
issued and outstanding (units)
ChangeBalance

Total amount of unitholders'
capital (Note 1) (million yen)
ChangeRemarks

Balance

Cash distribution in
March 15, 2022

March 14, 2023

excess of earnings(refund ofinvestment)
Cash distribution inexcess of earnings(refund ofinvestment)-

386,656(327)

38,632(Note 16)-

386,656(236)

38,396(Note 17)

July 18, 2023

Capital increase by
public offering

62,000448,656

6,973

45,369(Note 18)

August 10, 2023

Capital increase by

3,100

451,756

348

45,718(Note 19)-

451,756(446)

45,271(Note 20)third-party
allotmen
September 15,2023 Cash distribution inexcess of earnings(refund ofinvestment)(Note 1) The amount of deduction of total amount of unitholders’ capital is deducted.

(Note 2) In the establishment of the CSIF, the investment units were issued at an issue price of ¥100,000 per unit. The party who applied for subscriptionof investment units upon the establishment is Canadian Solar Projects K.K.
(Note 3) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥100,000 (issue value of ¥95,000) per unit.
(Note 4) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue value of ¥95,000 per unit for the purpose of
appropriation to a part of the funds for acquisition of specified assets or part of repayment of borrowings.
(Note 5) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥102,180 (issue value of ¥96,625) per unit.
(Note 6) CSIF decided, at a meeting of its Board of Directors held on August 14, 2018, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥808 per unit for the second fiscal period (ended June 30, 2018), and began to pay it from September 14, 2018.
(Note 7) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue price of ¥96,625 per unit for the purpose of
appropriation to a part of the funds for acquisition of specified assets or a part of the funds for repayment of borrowings.
(Note 8) CSIF decided, at a meeting of its Board of Directors held on February 15, 2019, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥1,817 per unit for the third fiscal period (ended December 31, 2018), and began to pay it from March 14, 2019.
(Note 9) CSIF decided, at a meeting of its Board of Directors held on August 13, 2019, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥577 per unit for the fourth fiscal period (ended June 30, 2019), and began to pay it from September 17, 2019.
(Note 10) CSIF decided, at a meeting of its Board of Directors held on February 13, 2020, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥1,340 per unit for the fifth fiscal period (ended December 31, 2019), and began to pay it from March 17, 2020.
(Note 11) CSIF decided, at a meeting of its Board of Directors held on August 14, 2020, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥708 per unit for the sixth fiscal period (ended June 30, 2020), and began to pay it from September 15, 2020.
(Note 12) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥125,115 (issue value of ¥119,517) per unit.
(Note 13) CSIF decided, at a meeting of its Board of Directors held on February 17, 2021, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥601 per unit for the seventh fiscal period (ended December 31, 2020), and began to pay it from March 16, 2021.
(Note 14) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue price of ¥119,517 per unit for the purposeof appropriation to a part of the funds for acquisition of specified assets or a part of the funds for repayment of borrowings.
(Note 15) CSIF decided, at a meeting of its Board of Directors held on August 13, 2021, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥924 per unit for the eighth fiscal period (ended June 30, 2021), and began to pay it from September 15, 2021.
(Note 16) CSIF decided, at a meeting of its Board of Directors held on February 14, 2022, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥848 per unit for the ninth fiscal period (ended December 31, 2021), and began to pay it from March 15, 2022.
(Note 17) CSIF decided, at a meeting of its Board of Directors held on February 15, 2023, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥612 per unit for the eleventh fiscal period (ended December 31, 2022), and began to pay it from March 14, 2022.

(Note 18) New investment units were issued at an issue price of 117,292 yen per unit (issue value of 112,480 yen per unit) through public offering in order
to raise funds for acquiring specified assets, etc.
(Note 19) New investment units were issued at an issue value of 112,480 yen per unit by way of third-party allotment to Mizuho Securities Co., Ltd. inorder to appropriate part of the funds for acquiring specified assets or for debt payments.
(Note 20) CSIF decided, at a meeting of its Board of Directors held on August 17, 2023, to a cash distribution in excess of earnings (contribution refunds)
in an amount of ¥1,155 yen per unit for the twelfth fiscal period (ended June 30, 2023), and began to pay it from September 15, 2023.

- 32 -

3. Reference(1) Conditions of Investment(as of December 31, 2023)

Type of asset

Total Asset-UnderManagement (AUM)(Note 2)
(million yen)

Region (Note 1)

Hokkaido/Tohoku

Solar energy facility

850,701

0.9

Kanto

1,975,212

2.1

Tokai

4,846,768

5.1

Chugoku/Shikoku

8,618,341

9.1

Kyushu18,352,909

19.3

34,643,933

36.5

Hokkaido/Tohoku

48,9700.1

Kanto

648,591

0.7

Tokai

63,3090.1

Chugoku/Shikoku

624,9410.7

3,184,875

3.4

4,570,689

4.8

Hokkaido/Tohoku

112,698

0.1

Kanto

146,493

0.2

Tokai

332,4210.3

Chugoku/Shikoku

95,2390.1

Kyushu799,8380.8

1,486,690

1.6

Hokkaido/Tohoku

6,403,875

6.7

Kanto

5,118,543

5.4

Chugoku/Shikoku

1,265,228

1.3

Kyushu24,958,033

26.3

37,745,681

39.7

Hokkaido/Tohoku

116,748

0.1

Kanto

635,595

0.7

Kyushu6,196,281

6.5

6,948,625

7.3

Hokkaido/Tohoku

7,532,993

7.9

Kanto

8,524,436

9.0

Tokai

5,242,499

5.5

Chugoku/Shikoku

10,603,751

11.2

Kyushu53,491,939

56.3

85,395,621

89.9

Subtotal

Land

KyushuSubtotal

Land lease

Subtotal

Solar energy facility in trust

Subtotal

Land in trust

Subtotal

Solar energy facility etc.

% of total AUM(Note 3)

Subtotal- 33 -

Type of asset

Total Asset-UnderManagement (AUM)(Note 2)
(million yen)

Region (Note 1)

Solar energy facility etc. total% of total AUM(Note 3)85,395,621

Amount (million yen)

89.9
% of total AUM(Note 3)

Saving/other assets

9,621,467

10.1

Asset total (Note 2)

95,017,088

100.0

Total liabilities

48,359,388

50.9

Total net assets

46,657,699

49.1(Note 1) “Hokkaido and Tohoku” denote Hokkaido, Aomori-ken, Iwate-ken, Akita-ken, Miyagi-ken, Fukushima-ken and Yamagata-ken. “Kanto”
denotes Ibaraki-ken, Tochigi-ken, Gunma-ken, Tokyo-to, Kanagawa-ken, Saitama-ken, Chiba-ken Yamanashi-ken, Nagano-ken andNiigata-ken. “Tokai” denotes Shizuoka-ken, Aichi-ken, Gifu-ken, Mie-ken, Toyama-ken, Ishikawa-ken and Fukui-ken. “Chugoku andShikoku” denote Okayama-ken, Hiroshima-ken, Yamaguchi-ken, Tottori-ken, Shimane-ken, Kagawa-ken, Kochi-ken, Tokushima-ken
and Ehime-ken. “Kyushu” denotes Fukuoka-ken, Oita-ken, Miyazaki-ken, Kagoshima-ken, Kumamoto-ken, Nagasaki-ken, Saga-ken

and Okinawa-ken.
(Note 2) The amount posted on the balance sheet as of December 31, 2023.
(Note 3) The figures have been rounded to the first decimal place.

(2) Investment Assets①Investment Securities
Not Applicable②Investment Properties
Not Applicable- 34 -

③Major Investment Assets
a. summary information for the CSIF
The following table provides summary information for the CSIF current 31 solar energy projects as of December 31, 2023.

Asset #

Site Area
2(m )FIT term end

February 26,

September 16,

2013

2034

40

February 26,
2013

June 8, 2035

42,666(Note 1)40

January 25,
2013

June 25, 2035

Isa-shi, Kagoshima

31,81836

October 2,
2013

June 28, 2035

CS Yusui-cho
Power Plant

Yusui-cho,
Aira-gun,Kagoshima

25,27436

March 14,2014

August 20,
2035

Solar Plant
etc.

CS Isa-shi Daisan Power Plant

Isa-shi, Kagoshima

40,73640

February 26,
2013

September 15,
2035

Solar Plant

CS Kasama-shi
Dai-ni Power

Kasama-shi,

53,27540

January 25,

September 23,

2013

2035

July 16, 2013

October 12,
2035

February 26,

December 10,

2013

2035

February 26,
2013 (East)
February 26,
2013 (West)

December 24,
2035 (East)
January 28,2036 (West)

December 11,

December 6,

2014

2036

Project nameLocation

Solar Plant

CS Shibushi-shi

Shibushi-shi,etc.

Power Plant

Kagoshima

S-02

Solar Plant
etc.

CS Isa-shi
Power Plant

Isa-shi, Kagoshima

22,223

S-03

Solar Plant
etc.

CS Kasama-shi
Power Plant

Kasama-shi,
Ibaraki

S-04

Solar Plant
etc.

CS Isa-shi Daini Power Plant

S-05

Solar Plant
etc.

S-06

S-01

S-07

S-08

S-09

S-10

PPA purchaseprice(yen/kwh)

Certification
Date

Category

etc.

Plant

19,861

Ibaraki40

Solar Plant
etc.

CS Hiji-machi
Power Plant

Hayami-gun, Oita

30,24636

Solar Plant

CS Ashikitamachi Power

Ashikita-machi,
Ashikita-gun,

45,74040

Plant

Kumamoto

etc.

Solar Plant
etc.

CS
Minamishimabar
a-shi Power
Plant (East) / CS
Minamishimabar
a-shi Power

Minamishimabarashi, Nagasaki

56,06640

44,90432

Plant (West)
S-11

Solar Plant
etc.

CS Minanomachi Power
Plant

Chichibu-gun,
Saitama

S-12

Solar Plant
etc.

CS Kannami-cho
Power Plant

Kannami-cho,
Tagata-gun,Shizuoka

41,33936

March 31,2014

March 2, 2037

S-13

Solar Plant
etc.

CS Mashikimachi Power
Plant

Machiki-machi,
Kamimashiki-gun,
Kumamoto

638,552(Note2)36

October 24,
2013

June 1, 2037

S-14

Solar Plant
etc.

CS Koriyamashi Power Plant

Koriyama-shi,
Fukushima

30,376(Note1)32

February 27,
2015

September 15,
2036

S-15

Solar Plant
etc.

CS Tsuyama-shi
Power Plant

Tsuyama-shi,
Okayama

31,05932

September
26, 2014

June 29, 2037

Solar Plant

CS Ena-shi

37,37332

September 12,

Power Plant

Ena-shi, Gifu

February 24,

etc.

2015

2037

S-16

- 35 -

Asset #S-17

Category

Project nameLocation

Solar Plant

CS Daisen-choPower Plant (A)Daisen-cho,
Saihaku-gun,and (B)

Tottori

etc.

S-18

Solar Plant
etc.

CS Takayamashi Power Plant

S-19

Solar Plant
etc.

CS Misatomachi Power
Plant

S-20

Solar Plant
etc.

CS Marumorimachi Power
Plant

Solar Plant

CS Izu-shi

etc.

Power Plant

S-22

Solar Plant
etc.

CS Ishikari
Shinshinotsumura Power
Plant

S-23

Solar Plant
etc.

S-21

S-24

S-25

Solar Plant
etc.
Solar Plant
etc.

CS Osaki-shi
Kejonuma

PPA purchaseprice(yen/kwh)

40

February 22,2013 (A)FIT term end

August 9,

February 28,
2013 (B)2037

32January 30,
2015

October 9,2037

Misato-machi,
Kodama-gun,
Saitama

25,31532

January 6,
2015

March 26,
2037

Marumori-machi,
Igu-gun, Miyagi

65,306(Note 4)36

February 28,
2014

July 12, 2038

Izu-shi, Shizuoka

337,160

36

Ishikari-gun,
Hokkaido

42,977

Osaki-shi, Miyagi

26,051March 31,

November 29,

2014

2038

24

November 18,
2016

July 15,2039

21

March 27,
2018

July 21,
2039

March 15,

October 30,

2013

2039

February 9,

March 19,

2015

2040

Shinshinotsu-mura,Power Plant
CS Hiji-machi
Dai-ni Power
Plant

Certification
Date

16,278(Note 1)

Takayama-shi,
Gifu

HIj-machi,

1,551,086

Hayami-gun, Oita

(Note 5)

CS Ogawaramachi Power
Plant

Ogawara-machi,
Shibata-gun,
MiyagiSolar Plant
etc.

CS Fukuyamashi Power Plant

Fukuyama-shi,
Hiroshima

S-27

Solar Plant
etc.

CS
Shichigashukumachi Power

Shichigasyukumachi,
Katta-gun,

Plant

Miyagi

CS Kamashi Power Plant

Kama-shi,
Fukuoka

Solar Plant
etc.

452,760(Note 3)

Shingumachi,

S-26

S-28

Site Area2(m )123,624(Note 6)40

32

90,79440

February 22,
2013

October 15,
2040

143,369(Note 7)36

March 13,
2014

March 30,2040

35,35236

March 12,2014

March 30,2037(1) March 17,2014(2) March 17,
2014

S-29

Solar Plant
etc.

CS Miyakomachi-Saigawa
Power Plant(3) March 17,
Kyouto-gun,
Fukuoka

407,76236

2014(4) March 17,
2014(5) February
14, 2014(6) February
14, 2014- 36 -March 30,2040

Site Area
2(m )Asset #

Category

Project nameLocation

S-30

Solar Plant
etc.

CS Kasama-shi
Dai-san Power
Plant

Kasama-shi,
Ibaraki

291,147(Note 8)

S-31

Solar Plant
etc.

CS Yamaguchishi Power Plant

Ymaguchi-shi,
Yamaguchi

10,065

PPA purchaseprice(yen/kwh)

Certification
Date

FIT term end

32

April 30,2014

September 29,
2040

18

March 20,2019

February 2,
2042(Note 1) Site area for the portion of the solar energy plants land under ownership is shown and excludes the portion of the land where we hold an easement.

(Note 2) Site area for the portion of the solar energy plants and high-voltage land under ownership is shown and excludes the portion of the land where we hold aneasement.
(Note 3) Site area for the portion of the solar energy plants and high-voltage land under superficies is shown and excludes the portion of the right to lease land andthe land where we hold an easement.
(Note 4) Site area for the portion of the solar energy plants and high-voltage land and access roads under superficies is shown and excludes the portion of the land
where we hold an easement.
(Note 5) Site area for the portion of the solar energy plants and high-voltage land and access roads under ownership and right to lease land is shown and excludes
the portion of the land where we hold an easement.
(Note 6) Site area for the portion of the solar energy plants and high-voltage land and access roads under superficies and right to lease land is shown and excludes
the portion of the land where we hold an easement.
(Note 7) Site area for the portion of the solar energy plants under superficies is shown and excludes the portion of the land where we hold an easement.
(Note 8) The solar energy plants land includes land for which superficies have been established for a portion of a percel of land, but the site area of the land isstated based on the area of the entire parcel of land in the registry.

- 37 -

Asset #Project name

S-01

CS Shibushi-shi
Power Plant

S-02

S-03

S-04

S-05

S-06

S-07

S-09

Fiscal period
end valuation(million yen)
(Note 2)

Tida Power 01 Kyushu Electric
G.K
Power Co., Inc

540

432

Certified
Operator

S-11

CS Kasama-shi
Power Plant

Tida Power01
G.K.

TEPCO Energy
Partner,
Incorporated

907

CS Isa-shi Dai-ni Tida Power01
Power Plant
G.K.

Kyushu ElectricPower Co., Inc778

CS Yusui-cho
Power Plant

Tida Power01
G.K.

Kyushu ElectricPower Co., Inc

670

CS Isa-shi Daisan Power Plant

Tida Power01
G.K..

Kyushu ElectricPower Co., Inc

949

CS Kasama-shi
Dai-ni Power

Tida Power01

TEPCO Energy
Partner,

285

S-12

608
818

S-13

561
591

592
29
487

510

512
23
692

737

728
44
667

850

705

648
37

Incorporated

764

Kyushu ElectricPower Co., Inc

1,029

CS Ashikitamachi Power
Plant

Tida Power01
G.K..

Kyushu ElectricPower Co., Inc

989

794

778
29
744

772

759
27

1,357

Tida Power 01 Kyushu Electric(East) / CS
G.K.
Power Co., Inc
Minamishimabar
a-shi Power Plant(West)

1,733

TEPCO Energy
Partner,
Incorporated

1,018

CS Kannami-cho Tida Power01
Power Plant
G.K..

TEPCO Energy
Partner,
Incorporated

514

Tida Power01
G.K.

1,418

668
903

865
235
418

452

453
33

Kyushu Electric
PowerTransmission
and Distribution

1,335
60

Tida Power01
G.K.

machi Power
Plant

751
210

Tida Power01
G.K.

CS Mashiki-

288
16

CS Hiji-machi
Power Plant

CS Minanomachi Power
Plant

437
268

372

CS
Minamishimabar
a-shi Power Plant
S-10

Fiscal period end
book value(million yen)
(Note 4)129

Kyushu ElectricPower Co., Inc

G.K..

Appraisal value ofsolar plants(million yen)(Note 3)(upper : solar energy
facility)(lower : land)

303

CS Isa-shi Power Tida Power01
Plant
G.K.

Plant
S-08

PPA company

AcquisitionPrice(million yen)
(Note 1)
(Note 5)

14,896
19,751

18,33615,921
3,440

Co., Inc.
S-14

CS Koriyama-shi Tida Power01
Power Plant
G.K..

158

Tohoku ElectricPower Co., Inc.

246

209

209
51

- 38 -

Asset #Project name

Certified
Operator

S-15

CS Tsuyama-shi
Power Plant

Tida Power01
G.K..

CS Ena-shi
Power Plant

Tida Power01
G.K..

S-16

CS Daisen-cho
S-17Power Plant (A)and (B)

PPA company

Fiscal period
end valuation(million yen)
(Note 2)746

608

The Chugoku

Fiscal period end
book value(million yen)
(Note 4)696
131

The Chubu

644Electric Power
Miraiz Co., Inc.

Distribution
Company,

Appraisal value ofsolar plants(million yen)(Note 3)(upper : solar energy
facility)(lower : land)

477

Electric Power
Co., Inc.

ChugokuElectric Power
Tida Power01 Transmission &G.K..

AcquisitionPrice(million yen)
(Note 1)
(Note 5)

757

676

573
32
8,492

10,447

8,781

8,307
289

Incorporated
S-18

S-19

S-20

CS Takayama-

Tida Power01

shi Power Plant

G.K.

CS Misato-machi

Tida Power01

Power Plant

G.K.

CS Marumorimachi Power
Plant

S-21

S-22

Tida Power01
G.K.

CS Izu-shi Power

Tida Power01

Plant

G.K..

CS Ishikari
Shinshinotsumura Power

Tida Power01
G.K.

Plant

S-23

S-24

The Chubu
Electric Power
Miraiz Co., Inc.

326

TEPCO Energy
Partner,
Incorporated

470

215
272
250
364

CS Hij-machi

Tida Power01

Dai-ni Power
Plant

G.K.
（Note6）

417
114

TohokuElectric
Power Network

680
850

694

708
13

Co.,
Inc.
TEPCO Power
Grid,
Incorporated

3,750
4,569

3,942

3,915
192

Hokkaido
Electric Power
Network,

481
680

538

642
57

Incorporated

CS Osaki-shi
Tida Power01
Kejonuma Power
G.K.
Plant

299
56

TohokuElectric Power
Network

132
208

173

200

Incorporated
Company

40

KyushuElectric Power
Transmission
andDistribution

21,13827,851

25,92825,654
4,790

Co., Inc.

S-25

S-26

CS Ogawaramachi Power
Plant

Tida Power 01
G.K.

CS Fukuyama-shi

Tida Power 01

Power Plant

G.K.

TohokuElectric Power

2,455
2,745

NetworkCo.,Inc.

2,492

2,511
36

The Chugoku
Electric Power
Co., Inc.

1,225
1,340

1,309

1,357
83

- 39 -

Asset #S-27

PPA company

AcquisitionPrice(million yen)
(Note 1)
(Note 5)

Fiscal period
end valuation(million yen)
(Note 2)

Tohoku Electric
CS Shichigashuku- Tida Power 01
Power Network
machi Power Plant
G.K.
Co.,Inc.

3,240

3,558

Project name

Certified
Operator

Appraisal value ofsolar plants(million yen)(Note 3)(upper : solar energy
facility)(lower : land)

Fiscal period end
book value(million yen)
(Note 4)

3,514
3,261
43
569

S-28

S-29

CS Kama-shi
Power Plant

S-31

586

Dai-san PowerPlant

CS Yamaguchi-shi
Power Plant

Tida Power01
G.K..

CS Yamaguchi
Aio Futajima 2
G.K..

594

680
24

CS Miyako-machiTida Power 01 Kyushu Electric
Saigawa Power
G.K.
Power Co., Inc
Plant
CS Kasama-shi

S-30

Tida Power 01 Kyushu Electric
G.K.
Power Co., Inc

4,241
5,780

5,771

5,801
1,530

TEPCO Energy

5,139
5,840

Partner,
Incorporated

5,834

5,841
695

ChugokuElectric Power
Network
Incorporated
Company

191
230

254

242
62
76,196

Total

97,01788,75585,395
12,559(Note 1) Acquisition price is based on acquisition price as described in the purchase agreements (excluding acquisition expenses related to the payment ofoutsourcing service fees, consumption taxes, local consumption taxes and other fees).
(Note 2) The fiscal period end valuation is the median amount that the CSIF calculated in accordance with Article 41, paragraph 1 of the CSIF's Articles ofIncorporation based on the range of valuation (including valuation for land, right to lease land or superficies right, hereinafter the same shall apply in
Note 2) provided to us for S-01 to S-18 by PricewaterhouseCoopers Sustainability LLC and for S-31 by Japan Real Estate Institute, and the fiscal
period end valuation for S-19 to S-30 is based on the median amount in the valuation report provided to us by Kroll International Inc. The total
amount presents the total amount of the median amount calculated by the CSIF and the median amount in the valuation report which is rounded
down to the nearest million yen. Therefore, the total amount may differ from the total of valuation amounts for each solar solar energy plant.
(Note 3) On the upper row of the appraisal value of solar plants, an assumed appraisal value of solar energy projects that is obtained by deducting the realestate appraisal value calculated by Daiwa Real Estate Appraisal Co., Ltd. for S-01 to S-30 and by Japan Real Estate Institute for S-31 from theappraised value at the end of the period in (Note 2) above is stated, and on the lower row, an amount stated in the real estate appraisal report
prepared by Daiwa Real Estate Appraisal Co., Ltd. for S-01 to S-30 and by Japan Real Estate Institute for S-31 is stated. Real estate includes its
superficies right.
(Note 4) Fiscal period end book value is the book value of solar energy.
(Note 5) The acquisition price of CS Mashiki-machi Power Plant had reduced in the amount of 332 million yen on December 16, 2020, back from thesigning date of the Property Purchase Agreement.

- 40 -

b. Revenue and expenses of individual renewable energy power generation facilities
Twelfth fiscal period (from July 1, 2023 to December 31, 2023)(Unit: thousand yen)
Asset number

S-01

S-02

S-03

S-04

S-05

Total portfolio

CS Shibushishi Power
Plant

3,100,065

18,70813,854

28,79928,60922,952

1,437,806

7,240

5,686

16,43912,509

9,768

50

-

-

-

-

-

4,537,922

25,94819,541

45,23941,11832,721

211,914

1,194

936

2,167

2,056

1,783

211,914

1,194

936

2,167

2,056

1,783

-

-

-

-

-

-

508,420

2,769

3,399

4,959

5,853

5,371

298,151

2,177

2,135

2,914

3,329

2,988

(Repair and maintenance costs)

30,500

-

-

1,045

-

253

(Utilities expenses)

5,574

-

-

-

-

-

(Insurance expenses)

67,406

591

466

1,000

933

866

(Land rent )96,599

-

797

-

1,590

1,263

(Trust fees)

10,188

-

-

-

-

-

-

-

-

-

-

-

Depreciation cost

1,694,467

9,539

7,925

14,956

16,534

14,364(Structures)

21,993

468

256

345

306

605

(Machinery and equipment)

887,571

9,029

7,651

14,576

16,186

13,519(Tools, furniture and fixtures)

11,965

41

17

33

41

239

(Structures in trust)

143,180

-

-

-

-

-

(Machinery and equipment intrust)

627,183

-

-

-

-

-

2,573

-

-

-

-

-

2,414,802

13,504

12,26022,08324,444

21,5192,123,120

12,444

7,280

23,156

16,673

11,201

Project name

CS Isa-shi CS Kasama-shi CS Isa-shi Dai- CS Yusui-cho
Power Plant Power Plant ni Power Plant Power Plant

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Other rental cost)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 41 -

(Unit: thousand yen)
Asset number

S-06

S-07

S-08

S-09

S-10

CS Isa-shi Daisan Power Plant

CS Kasama-shi
Dai-ni Power
Plant

CS Hiji-machi
Power Plant

CS Ashikitamachi Power
Plant

CS
Minamishimabara-shi Power Plant(East) / CS
Minamishimabara-shi Power Plant(West)

34,07328,42236,65236,29064,07015,75915,254

19,11913,98629,866

-

13

-

-

-

49,833

43,69055,77250,276

93,936

Taxes and duties

2,476

2,324

2,835

2,632

4,634

(Property-related taxes, etc.)

2,476

2,324

2,835

2,632

4,634

-

-

-

-

-

6,812

8,264

7,172

7,082

11,538

3,732

2,874

4,248

3,938

5,553

(Repair and maintenance costs)

-

2,059

111

297

-

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

1,043

934

1,254

1,165

1,723

(Land rent )

2,036

2,396

1,557

1,681

4,260

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

19,971

18,07722,166

20,30635,417(Structures)

290

247

835

1,441

755

19,62917,786

21,252

18,612

34,412(Tools, furniture and fixtures)

51

42

78

252

248

(Structures in trust)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

29,26028,66632,17430,021

51,59020,57315,024

23,597

20,25542,346

Project nameRental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.

(Other taxes)
Expenses(Management entrustment
expenses)(Machinery and equipment)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 42 -

(Unit: thousand yen)
Asset number
Project name

S-11

S-12

S-13

S-14

S-15

CS Minano-machi CS Kannami-cho CS Mashiki-machi CS Koriyama-shi CS Tsuyama-shi
Power Plant
Power Plant
Power Plan
Power Plan
Power Plan

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent

30,06818,084

673,083

7,427

21,464

10,836

7,120

273,331

4,846

10,869

3

-

-

2

-

40,90825,204

946,414

12,27632,333

2,504

1,335

53,449

752

2,293

2,504

1,335

53,449

752

2,293

-

-

-

-

-

5,129

4,164

87,742

1,217

4,485

3,957

1,809

70,274967

2,943(Repair and maintenance costs)

-

172

4,209

-

895

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

1,171

527

13,201

250

643(Land rent )

-

1,653

55

-

1

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

16,212

9,671

340,453

4,193

13,161(Structures)

766

389

3,873

327

393

15,4469,226

328,677

3,866

12,463(Tools, furniture and fixtures)

-

55

7,902

-

304

(Structures in trust)

-

-

-

-

-

(Machinery and equipment intrust)

-

-

-

-

-

-

-

-

-

-

23,84615,171

481,644

6,163

19,94017,062

10,032464,769

6,113

12,393

Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Machinery and equipment)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 43 -

(Unit: thousand yen)
Asset number
Project name

S-16

S-17

S-18

S-19

S-20

CS Daisen-cho
CS Ena-shi PowerCS Takayama-shi CS Misato-machi
Power Plant (A)
PlantPower Plant
Power Plant
and (B)CS Marumorimachi Power
Plant

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent

25,096377,695

9,524

12,742

27,761

14,014

149,595

5,739

7,633

16,974

-

-

-

3

-

39,110527,290

15,264

20,37944,7352,402

33,385

1,403

1,788

3,504

2,402

33,385

1,403

1,788

3,504

-

-

-

-

-

4,883

60,628

1,623

1,858

9,503

2,972

40,508

1,291

1,425

3,073

(Repair and maintenance costs)

-

440

-

-

883

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

727

7,121

331

432

824

(Land rent )1,183

12,558

-

-

4,721

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

14,526

214,582

5,796

7,604

17,059(Structures)

589

4,911

344

176

503

13,840208,887

5,430

7,346

16,320(Tools, furniture and fixtures)

97

782

21

80

234

(Structures in trust)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

21,813

308,595

8,822

11,25030,067

17,297

218,694

6,441

9,128

14,668

Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Machinery and equipment)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 44 -

(Unit: thousand yen)
Asset number

S-21

S-22

S-23

S-24

S-25

Project nameCS Izu-shi
Power Plant

CS Ishikari
Shinshinotsumura Power
Plant

CS Osaki-shi
Kejonuma
Power Plant

CS Hiji-machi
Dai-niPower Plant

CS Ogawaramachi
Power Plant

139,827

20,4486,225

814,526

84,73897,241

12,8703,819

416,983

46,855

-

-

9

-

-

237,069

33,31810,053

1,231,510

131,593

18,1022,006

576

59,0096,359

18,1022,006

576

59,009

6,359

-

-

-

-

-

27,419

6,063

2,197

116,11423,06013,999

3,221

1,593

62,96012,111(Repair and maintenance costs)

-

1,350

-

18,101-(Utilities expenses)

-

-

-

5,574

-

(Insurance expenses)

2,246

891

303

17,1182,538(Land rent )11,173

-

-

8,758

6,310

(Trust fees)

-

600

300

3,600

2,100

(Other rental cost)

-

-

-

-

-

Depreciation cost

87,851

13,0393,600

475,624

54,545(Structures)

4,142

-

-

-

-

(Machinery and equipment)

82,271----(Tools, furniture and fixtures)

1,437

-

-

-

-

-

547

300

114,150

6,862-

12,451

3,276

360,434

46,850

-

40

23

1,040

833

133,373

21,1096,374

650,748

83,966103,696

12,2093,678

580,761

47,627

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Structures in trust)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 45 -

(Unit: thousand yen)
Asset number

S-26

S-27

S-28

S-29

S-30

Project name

CS Fukuyamashi Power Plant

CS
Shichigashukumachi Power
Plant

CS Kama-shi
Power Plant

CS Miyakomachi-Saigawa
Power Plant

CS Kasama-shi
Dai-san Power
Plant

53,301

120,630

27,430175,496

141,360

21,53069,5382,234

50,932

68,896

-

-

-

17

-

74,832

190,169

29,664

226,447

210,257

-

-

-

-

-

(Property-related taxes, etc.)

-

-

-

-

-

(Other taxes)

-

-

-

-

-

15,21735,872

2,733

16,764

18,221

5,762

8,216

1,774

12,077

13,140(Repair and maintenance costs)

-

-

-

389

291

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

932

1,489

959

3,284

2,304

(Land rent )7,921

25,170

-

16

1,489

(Trust fees)

600

996

-

996

996

-

-

-

-

-

21,05953,392

10,62968,88082,793(Structures)

-

-

-

-

-

(Machinery and equipment)--

10,629--(Tools, furniture and fixtures)

-

-

-

-

-

1,805

1,410

-

14,406

3,697

19,146

51,951-

53,976

79,096

108

29

-

497

-

36,27689,264

13,362

85,645101,015

38,555100,904

16,301

140,801

109,241

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties

Expenses(Management entrustment
expenses)(Other rental cost)
Depreciation cost

(Structures in trust)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 46 -

(Unit: thousand yen)
Asset number

S-31

Project nameCS Yamaguchishi Power Plant

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties

696
312
1,008

-

(Property-related taxes, etc.)-(Other taxes)-

Expenses(Management entrustment
expenses)294
173(Repair and maintenance costs)-(Utilities expenses)-(Insurance expenses)

120(Land rent )-(Trust fees)-(Other rental cost)-

Depreciation cost

529

(Structures)

22(Machinery and equipment)

506(Tools, furniture and fixtures)-(Structures in trust)-(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)

-

823

185

- 47 -

(3) Plan for capital expenditure
Not applicable.
(4) Capital expenditure during the fiscal period
The following table shows capital expenditures for renewable energy power generation facilities, etc. owned by CSIF during the
fiscal period under review.
Name of infrastructure assets, etc.
(Location)

Purpose

Implementation period

CS Mashiki-machi Power Plant

Gravel road in the site paving

From May, 2023

(Kamimashiki-gun, Kumamoto)work

To July, 2023

CS Mashiki-machi Power Plant(Kamimashiki-gun, Kumamoto)
CS Ishikari Shinshinotsu-mura Power
Plant(Ishikari-gun, Hokkaido)

PCS 6th year inspection

From September, 2023
To September, 2023

Modulee for snow damage

From June, 2023

replacement

To July, 2023

CS Shichigashuku-machi Power Plant

Curtailment online modification

From August, 2023

(Katta-gun, Miyagi)work

To August, 2023

Other Power Plants

Amount paid
(thousand yen)
2,433
65,852

2,305

17,750
1,572

Total

89,913- 48 -